NEW DELHI, Dec 14: Edible oils fell further at the wholesale oils and oilseeds market during the past week on subdued demand at prevailing higher levels against adequate supplies from producing belts amid a lower global trend.
A few oils in the non-edible section also declined on reduced offtake by industrial units.
Traders said subdued demand from vanaspati millers and retailers at prevailing higher levels against adequate supplies from producing regions mainly kept pressure on edible oil prices.
Lower global trend where palm oil retreated the most in three months on speculation that demand for the commodity is faltering amid increasing supplies of alternate oils also dampened the sentiment, they said.
Globally, palm oil lost 4.1 per cent at USD 792 a tonne, the biggest drop at close since September 10 at this week on the Malaysia Derivatives Exchange.
Meanwhile, India’s vegetable oil imports rose 35 per cent in November to 9.44 lakh tonnes because of higher shipments of cheaper sunflower oil, says latest industry data.
In the national capital, groundnut mill delivery oil (Gujarat) plunged Rs 300 to Rs 8,000, while mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils fell by Rs 100 and Rs 150 to Rs 7,300 and Rs 6,350 per quintal, respectively on adequate supplies against subdued demand.
Tracking a weak global trend, palmolein (rbd) and palmolein (Kandla) oils declined by Rs 100 each to Rs 6,400 and Rs 6,000, while crude palm oil (ex-kandla) traded lower by the same margin to Rs 5,500 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) followed suit and lost Rs 150 each at Rs 7,350 and Rs 7,050 per quintal, respectively.
Coconut oil which remained steady for the major part of week, ended lower by Rs 20 to Rs 1,350-1,400 per tin.
In the non-edible section, linseed oil weakened by Rs 50 to Rs 7,000 per quintal on absence of demand from paint units.
Castor oil also traded in negative zone with a loss of Rs 50 each to Rs 9,200-9,300 per quintal on reduced industrial offtake. (AGENCIES)
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