Edible oil recovers on fresh buying, strong global cues
Wholesale edible oil prices recovered by Rs 50 to Rs 100 per quintal during the week ending on Saturday in Delhi on revival of buying by stockists and retailers amidst firm global cues.
By PTI |
NEW DELHI: Wholesale edible oil prices recovered by Rs 50 to Rs 100 per quintal during the week ending on Saturday in the national capital on revival of buying by stockists and retailers amidst firm global cues.
Marketmen said buying activity picked up as traders enlarged their positions to meet coming marriage season demand.
Major commodity markets, including edible oil, remained closed on Thursday following a countrywide bandh called by BJP and VHP on the Amarnath land transfer issue.
Market sentiments turned bullish after palm oil futures in Malaysia, the global benchmark, traded at two-week high as crude oil surged to almost $147 a barrel.
Palm oil for July delivery soared to 3,647 ringgit ($1,107) a tonne, the highest since June 18, on the Malaysian Derivatives Exchange.
Traders said edible oil prices are directly impacted by international markets as the country imports nearly half of its annual demand.
They said supply concerns continue to affect the prices of edible oils even as the government plans to sell imported oil at subsidised rates to lower income households.
In the edible section, soyabean mill delivery and soyabean degum (Delhi) rose by Rs 50 each to Rs 7,250 and Rs 7,050 a quintal respectively.
Groundnut oil was up by Rs 50 to Rs 7,250 a quintal, while mustard expeller oil shot up by Rs 80 to Rs 6,980 a quintal on increased buying by local traders.
Marketmen said buying activity picked up as traders enlarged their positions to meet coming marriage season demand.
Major commodity markets, including edible oil, remained closed on Thursday following a countrywide bandh called by BJP and VHP on the Amarnath land transfer issue.
Market sentiments turned bullish after palm oil futures in Malaysia, the global benchmark, traded at two-week high as crude oil surged to almost $147 a barrel.
Palm oil for July delivery soared to 3,647 ringgit ($1,107) a tonne, the highest since June 18, on the Malaysian Derivatives Exchange.
Traders said edible oil prices are directly impacted by international markets as the country imports nearly half of its annual demand.
ADVERTISEMENT
They said supply concerns continue to affect the prices of edible oils even as the government plans to sell imported oil at subsidised rates to lower income households.
In the edible section, soyabean mill delivery and soyabean degum (Delhi) rose by Rs 50 each to Rs 7,250 and Rs 7,050 a quintal respectively.
Groundnut oil was up by Rs 50 to Rs 7,250 a quintal, while mustard expeller oil shot up by Rs 80 to Rs 6,980 a quintal on increased buying by local traders.
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
