Weekly market report: Edible oils slip on sluggish demand, weak global cues
Linseed oil in the non-edible section, traded lower on reduced industrial offtake.
Sentiment in edible oils turned bearish as traders trimmed their positions, driven by sluggish demand against adequate stocks position, traders said.
Palm oil posted its biggest weekly fall since November last year. Record reserves and declining exports in Malaysia, the second-largest producer, prompted analysts to push back forecasts for a price rebound during the low-output season which influenced the sentiment, traders added.
Meanwhile, palm oil fell by 4.1 per cent this week, the lowest since November 9 last year, on the Malaysian Derivatives Exchange.
In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils declined by Rs 50 each to Rs 12,250 and Rs 8,200 per quintal, respectively on sluggish demand from retailers.
Taking negative cues from overseas markets, palmolein (RBD) and palmolein (Kandla) oils fell by Rs 160 each to Rs 7,340 and Rs 6,840 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and lost Rs 50 each at Rs 7,400 and Rs 6,950 per quintal, respectively.
Meanwhile, sesame and cottonseed mill delivery (Haryana) oils moved in a narrow range in limited deals and ended steady at Rs 10,150 and Rs 7,100 per quintal, respectively.
In the non-edible section, linseed oil lacked necessary buying support from paint's industries and shed Rs 50 at Rs
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