Edible oil prices drifts down during the week

Edible oil prices drifted down at the wholesale oils and oilseeds market during the week following muted demand from millers as well as retailers and ample stocks position on higher supplies from growing belts.

A few oils in the non-edible section, too, based on reduced offtake by consuming industries.

Traders said apart from easing demand from retailers and Vanaspati millers, adequate stocks position on increased supplies from producing regions kept edible oil prices lower.

In the national capital, groundnut mill delivery (Gujarat) and cottonseed mill delivery (Haryana) oils declined by Rs 100 each to Rs 8,700 and Rs 7,800 per quintal, respectively.

Mustard expeller (Dadri) oil also shed Rs 50 to Rs 8,450 per quintal.

In line with the overall trends, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils, too, finished lower by Rs 50 each to Rs 7,800 and Rs 7,400 per quintal, respectively.

On the other hand, palmolein (rbd) and palmolein (Kandla) oils moved both ways on alternate bouts of buying or selling and finally settled at previous levels of Rs 6,800 and Rs 6,850 per quintal, respectively.

In the non-edible section, castor oil fell by Rs 100 to Rs 7,400-7,500 per quintal on reduced industrial offtake.

Linseed oil also fell by Rs 200 to Rs 9,200 per quintal on lack of demand from paint industries.