Select edible oils remain weak on muted demand

Select edible oil prices drifted further lower at the wholesale oil and oilseeds market during the week owing to slackened demand from vanaspati millers and retailers against ample stocks position on increased supplies.

Castor oil in the non-edible section, also slipped on reduced offtake by consuming industries.

Traders said besides subdued demand from vanaspati millers and retailers, adequate stocks position on increased arrivals from producing regions and a weak trend overseas mainly kept pressure on select edible oil prices.

Globally, the benchmark palm oil contract for April delivery was trading down at 2,476 ringgit (USD 626.20) a tonne on the Bursa Malaysia Derivatives Exchange.

In the national capital, groundnut mill delivery (Gujarat) oil fell by Rs 100 to Rs 9,400 per quintal.

Mustard expeller (Dadri) also eased by Rs 50 to Rs 7,900 per quintal.

Tracking a weak trend overseas, palmolein (rbd) and palmolein (Kandla) oils too lost Rs 100 each to Rs 6,150 and Rs 6,200 per quintal, respectively.

In the non-edible section, castor oil dropped by Rs 300 to Rs 7,900-8,000 per quintal.