Edible oil rises on millers buying, global cues

NEW DELHI: Edible oil prices rose by Rs 100 per quintal on the wholesale oils and oilseeds market today on the back of increased buying by vanaspati units and retailers amid a firming trend overseas.

However, non-edible oils held steady in narrow movements. Traders said sentiment bolstered after Palm oil climbed to a five-week high in global markets as soybeans rallied on concern that dry weather in the US may hurt crops in the largest grower of the oilseed crushed to make an alternative oil.

Meanwhile, palm oil for contract for November delivery gained 1.5 per cent to 713 dollar a metric tonne, the highest level since July 12, on the Malaysia Derivatives.

In the national capital, mustard expeller oil (dadri) and cottonseed mill delivery (Haryana) oils rose by Rs 100 each to Rs 6,900 and Rs 6,300 per quintal respectively.

Tracking a firm global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils rose by Rs 100 each to Rs 7,100 and Rs 6,800 and crude palm oil (ex-kandla) traded higher by same margin to Rs 5,200 per quintal respectively.

Palmolein (rbd) and palmolein (Kandla) oils too traded in positive zone with a rise of Rs 100 each to Rs 6,000 and Rs 5,600 per quintal respectively.