MARKET DEVELOPMENT
Edible Oils Extend Weakness on Low Demand
Edible Oils Extend Weakness on Low Demand
11/01/2016 (PTI) - There has been no change in the pattern of trading at the wholesale oils and oilseeds market for yet another week with edible oil prices sliding further owing to muted demand from retailers and vanaspati millers against sufficient stocks on higher supplies from producing belts.
However, mustard oil ended higher on scattered demand from local parties.
In the non-edible section, linseed, edged up on pick up in demand from paint industries.
Traders said besides easing demand from retailers and vanaspati millers at prevailing levels, ample stocks position on higher supplies from producing regions mainly kept pressure on edible oil prices.
Moreover, reports of a weak trend in Malaysian palm oil overseas dampened sentiments here, they said.
In the national capital, sesame mill delivery oil dropped by Rs 200 to Rs 7,200 per quintal.
Groundnut mill delivery (Gujarat) and cottonseed mill delivery (Haryana) oils too were under pressure and shed another Rs 50 each to Rs 9,000 and Rs 5,750 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils eased by Rs 100 each to Rs 6,500 and Rs 6,200 per quintal, respectively.
Palmolein (RBD) and palmolein (Kandla) oils in tune with overall trends weakened by Rs 50 each to Rs 5,250 and Rs 5,200, while crude palm oil (ex-kandla) traded lower by a similar margin to Rs 4,100 per quintal, respectively.
On the other hand, mustard expeller (Dadri) oil rose by Rs 100 to Rs 8,850 per quintal on selective buying by local parties.
In the non-edible section, linseed oil found some buying support from paint and other consuming industries and recovered by Rs 50 to Rs 9,100 per quintal.
However, mustard oil ended higher on scattered demand from local parties.
In the non-edible section, linseed, edged up on pick up in demand from paint industries.
Traders said besides easing demand from retailers and vanaspati millers at prevailing levels, ample stocks position on higher supplies from producing regions mainly kept pressure on edible oil prices.
Moreover, reports of a weak trend in Malaysian palm oil overseas dampened sentiments here, they said.
In the national capital, sesame mill delivery oil dropped by Rs 200 to Rs 7,200 per quintal.
Groundnut mill delivery (Gujarat) and cottonseed mill delivery (Haryana) oils too were under pressure and shed another Rs 50 each to Rs 9,000 and Rs 5,750 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils eased by Rs 100 each to Rs 6,500 and Rs 6,200 per quintal, respectively.
Palmolein (RBD) and palmolein (Kandla) oils in tune with overall trends weakened by Rs 50 each to Rs 5,250 and Rs 5,200, while crude palm oil (ex-kandla) traded lower by a similar margin to Rs 4,100 per quintal, respectively.
On the other hand, mustard expeller (Dadri) oil rose by Rs 100 to Rs 8,850 per quintal on selective buying by local parties.
In the non-edible section, linseed oil found some buying support from paint and other consuming industries and recovered by Rs 50 to Rs 9,100 per quintal.