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Edible oils remain mixed; demand drop, oversupply weigh

Press Trust of India  |  New Delhi 

Mixed conditions continued for the second straight week at the wholesale and oilseeds market as prices of select commodities moved further lower due to slack demand against adequate stock position.

A few others edged up on scattered enquiries from retailers.

Castor in the non-edible section strengthened on increased offtake by consuming industries.

Markets were closed on Monday for Holi.

Traders said easing demand and increased arrivals from producing belts kept pressure on select edible prices, but mild demand from retailers helped a few others end marginally higher.

Meanwhile, palm oil rose by 19 per cent to 7,36,207 tonnes for the first time in February after three consecutive months of fall on higher shipments, industry body Solvent Extractors Association (SEA) said.

India, the world's leading vegetable oil buyer, had imported 5,95,032 tonnes palm oil in February 2016.

The country's total vegetable oil rose by 17 per cent to 12.70 lakh tonnes in February this year, from 10.82 lakh tonnes in the year-ago period.

In the national capital, sesame mill delivery oil fell by Rs 100 to Rs 8,300 per quintal.

Palmolein (RBD) and palmolein (Kandla) oils declined further by Rs 50 each to Rs 5,750 and Rs 5,800 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) also shed Rs 50 each to Rs 6,950 and Rs 6,650 per quintal, respectively.

On the other hand, mustard expeller (Dadri) oil edged up by Rs 50 to Rs 8,350 per quintal.

Coconut oil also advanced by Rs 100 to Rs 1,950-2,000 per tin.

In the non-edible section, castor oil rose Rs 50 to Rs 9,850-9,950 while linseed oil remained flat at Rs 9,750 per quintal.

Grains: Wheat prices dropped at the wholesale grains

market due to reduced offtake by flour mills against adequate stock position on increased supplies from producing regions.

Barley also finished lower on low demand from consuming industries.

However, rice basmati moved up on pick-up in demand.

Marketmen said that besides enough stocks, reduced offtake by flour mills mainly pulled down wheat prices.

They said pick-up in demand against restricted supplies from producing regions helped rice basmati prices close higher.

Volume of business was restricted as the market was shut on Monday on account of Holi.

In the national capital, wheat (desi) and wheat dara (for mills) slipped to Rs 2,350-2650 and Rs 1,850-1,860 from previous levels of Rs 2,450-2,750 and Rs 1,920-1,930 per quintal, respectively.

Atta chakki delivery followed suit and eased to Rs 1,920-1,950 against last close of Rs 1,930-1,960 per 90 kg.

Atta flour mills and maida also finished lower at Rs 1,030-1,040 and Rs 1,130-1,140 against last close of Rs 1,060-1,070 and Rs 1,140-1,150 per 50 kg, respectively, in line with wheat.

Other bold grains like barley fell by Rs 100 to Rs 1,550-1,570 while bajra moved up by Rs 30 to Rs 1,400-1,410 per quintal.

On the other hand, rice basmati common and Pusa-1121 variety settled higher at Rs 7,700-7,800 and Rs 6,250-7,700 per quintal, respectively.

First Published: Sat, March 18 2017. 12:48 IST