Edible oils rebounds on millers buying on global cues

NEW DELHI: Snapping a three-day losing streak, edible oils rose by Rs 100 per quintal in the wholesale oils and oilseeds market today on increased buying by millers, driven by the ongoing wedding season amid a firming global trend.

A few oils in the non-edible section also showed strength on increased demand from consuming industries.

Sentiment in edible oils turned better as palm oil climbed in global markets on concern that dry weather in the US may pare soybean yields and reduce global cooking-oil inventories.

Meanwhile, palm oil for the September-delivery advanced 0.6 per cent to USD 946 a tonne on the Malaysia Derivatives Exchange.

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils recovered by Rs 100 each to Rs 7,800 and Rs 7,350, respectively.

Crude palm oil edged up by the same margin to Rs 7,400 per quintal largely in line with a firming trend overseas.

Palmolein (rbd) and palmolein (Kandla) oils also moved up by Rs 100 each to Rs 8,000 and Rs 7,650 per quintal, respectively.

In the non-edible section, linseed, castor and neem oils were also traded higher by Rs 100 each to Rs 5,300, Rs 8,350-8,450 and Rs 4,500-4,600 per quintal, respectively, on increased offtake.