NEW DELHI, Mar 15: The oils and oilseeds market showed a mixed trend during the week under review as select edible oil prices fell on owing to sluggish demand amid a weakening trend overseas, while a few others moved up on scattered buying support from retailers.
In the non-edible segment, linseed and castor oils ended lower due to slackened demand from consuming industries, while neem oil strengthened on buying support from soap manufacturing units.
Traders said sluggish demand amid a subdued global trend where palm oil posted the first weekly loss in six as a forecast for rain in Malaysia eased concern that a dry spell will hurt crops in the world’s largest producer after Indonesia, mainly led to decline in select edible oil prices.
Globally, palm oil fell 3.1 per cent at USD 854 a tonne this week, the biggest such drop since January 10 on the Malaysia Derivatives Exchange.
Meanwhile, the country’s vegetable oil imports fell by 40 per cent to a three-year low of 5.78 lakh tonnes in February this year due to sharp fall in shipments of palm oils, industry body SEA said.
In the national capital, soyabebean refined mill delivery (Indore) and soyabean degum (Kandla) oils drifted by Rs 250 each to Rs 7,500 and Rs 7,250 and crude palm oil (ex-kandla) lost Rs 100 at Rs 5,600 per quintal, respectively on weak global cues.
Palmolein (rbd) and palmolein (Kandla) oils followed suit and traded lower by Rs 250 each to Rs 6,700 and Rs 6,350 per quintal, respectively.
Mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils also moved down by Rs 100 and Rs 150 to Rs 7,450 and Rs 6,200 per quintal, respectively.
On the other hand, groundnut mill delivery (Gujarat) oil rose by Rs 100 to Rs 7,600 per quintal. Sesame mill delivery oil after remaining steady for the major part of week, met with fag-end buying and ended higher by Rs 50 to Rs 11,650 per quintal. Coconut oil also shot up by Rs 100 to Rs 1,900-1,950 per tin.
In the non-edible section, linseed and castor oils declined by Rs 50 each to Rs 7,550 and Rs 9,550-9,650 per quintal respectively while neem oil found some buying interest from soap manufacturers and ended higher by Rs 50 to Rs 5,350-5,450 per quintal. (AGENCIES)
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