Edible oil prices declined in the wholesale oils and oilseeds market during the past week on sluggish demand at existing higher levels and a weakening global trend. However, groundnut oil found some support against tight supply and rose moderately.

Non-edible oils held steady in restricted buying activity from consuming industries against adequate stocks.

Trading sentiments in edible oils turned bearish as palm oil dropped overseas on concerns that a decline in exports from Malaysia may boost stockpiles of cooking oil in the world’s second-biggest producer.

Meanwhile palm oil futures slumped 5.4 per cent this week at $ 1,079 a metric tonne, the lowest price since November 24 on the Malaysian Derivatives Exchange.

Traders said sluggish demand at prevailing higher levels in tandem with a weak trend overseas, mainly pulled down the wholesale edible oil prices.

They added expectations of higher production of oilseeds also put pressure on the edible oil prices.

In the edible section, mustard expeller oil (Dadri) shed Rs 370 to Rs 5,500 per quintal on poor local demand.

Mustard pakki and kachi ghani oils traded lower by Rs 10 each to Rs 760-915 and Rs 915-1,015 per tin, respectively.

Cottonseed mill delivery (Haryana) and sesame mill delivery oils declined by Rs 150 and Rs 20 to Rs 5,500 and Rs 6,230 per quintal, respectively.

Taking cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (kandla) fell by Rs 370 and Rs 110 to Rs 5,740 and Rs 5,700, respectively.

Likewise, crude palm oil (ex-kandla) plunged by Rs 210 to Rs 5,050 per quintal.

Palmolein (rbd) and palmolein (kandla) oils too traded lower by Rs 210 and Rs 270 to Rs 5,610 and Rs 5,310 per quintal, respectively.

On the other hand, groundnut mill delivery oil (Gujarat) rose by Rs 150 to Rs 7,650 per quintal on tight supply.

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