Edible oils decline on sluggish demand

NEW DELHI: Edible oil prices fell in the oils and oilseeds market during the past week as demand from local parties declined at prevailing higher levels against adequate stocks amid subdued trend in overseas markets.

In the non-edible section, neem oil eased on reduced industrial offtake.

Marketmen said fall in demand at prevailing higher levels against adequate stocks position following improved supplies mainly led to a decline in edible oil prices.

Reduced offtake by industrial units put pressure on neem oil prices, they said.

In the edible section, mustard expeller (Dadri) and sesame oils declined by Rs 50 each to Rs 8,600 and Rs 8,750 per quintal, respectively, on subdued local demand.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils fell by Rs 100 each to Rs 8,050 and Rs 7,650 and crude palm oil (ex-kandla) oil traded lower by the same margin to Rs 7,600 per quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils also moved down by Rs 50 each to Rs 8,250 and Rs 7,800 per quintal, respectively.

However, groundnut mill delivery oil (Gujarat) moved in a narrow range in limited deals and settled around previous level of Rs 12,050 per quintal and groundnut solvent refined was unchanged at Rs 1,950-2,000 per tin.

In the non-edible section, neem oil declined by Rs 50 to Rs 4,600-4,700 per quintal.