Edible oils decline during week

Select edible oil prices declined during the week owing to sluggish demand from vanaspati millers and retailers against adequate stocks on higher supplies from producing belts.
Among the non-edibles, castor oil also eased on reduced offtake by consuming industries.
Besides easing demand from vanaspati millers and retailers, adequate stocks on higher supplies from producing regions mainly kept pressure on edible oil prices.
Appreciating rupee which strengthened to a two-month high of 63.44 against the dollar, making imports cheaper, also influenced the sentiments, they said.
In the national capital, groundnut mill delivery (Gujarat), mustard expeller (Dadri) and cottonseed mill delivery Haryana) oils were down Rs 50 each to Rs 8,800, Rs 7,350 and Rs 5,650 per quintal, respectively.

Sesame mill delivery oil which remained steady for the major part of the week, met with resistance at the fag-end and settled lower by Rs 50 to Rs 7,950 per quintal.

Palmolein (RBD) and palmolein (Kandla) oils also declined by Rs 50 each to Rs Rs 5,600 and Rs 5,500, while crude palm oil (ex-kandla) traded lower by a similar margin to Rs 4,250 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils too ended in negative zone with a loss of Rs 50 each at Rs 6,600 and Rs 6,300 per quintal, respectively.
Castor oil shed Rs 50 at RS 9,700-9,800 per quintal due to slackened industrial demand.