Tuesday , August 22 2017
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Edible oils slide on fall in demand, adequate stocks

New Delhi: Edible oil prices drifted down at the wholesale oil and oilseeds market during the week owing to slackened demand from retailers and vanaspati millers against ample stocks position.

Castor and linseed oils in the non-edible section too showed weakness on reduced offtake by consuming industries.

Traders said besides decline in demand from vanaspati millers as well as retailers, adequate stocks position on increased supplies in the market mainly led to fall in edible oil prices.

Volume of business remained thin in the face of prevailing crash crunch in the market following demonetisation of high-value notes last month, they said.

In the national capital, groundnut mill delivery (Gujarat) oil dropped by Rs 200 to Rs 9,900 per quintal.

Mustard expeller (Dadri) oil declined by Rs 100 to Rs 8,550 per quintal.

Palmolein (rbd) and palmolein (Kandla) oils also fell by Rs 50 each to Rs 6,050 and Rs 6,100 per quintal respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) followed suit and shed Rs 50 each to Rs 6,800 and Rs 6,500 per quintal respectively.

In the non-edible section, castor and linseed oil moved down by Rs 50 each to Rs 9,700-9,800 and Rs 9,850 per quintal respectively.