Edible oils recover on millers buying, global cues

NEW DELHI: Prices of select edible oils recovered by Rs 100 per quintal on the wholesale oils and oilseeds market today on increased buying by vanaspati millers amid a firm global trend.

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

Marketmen said increased offtake by vanaspati millers and a firming global trend where palm oil climbed the most in almost a week mainly influenced the sentiment.

Meanwhile, palm oil for April delivery gained 0.9 per cent to $768 a metric tonne, the biggest jump since January 23 on the Malaysia Derivatives Exchange.

In the national capital, mustard expeller oil (Dadri) rose by Rs 100 to Rs 7,350 per quintal.

Tracking a firming global trend, palmolein (rbd) and palmolein (Kandla) oils moved up by Rs 100 each to Rs 6,300 and Rs 5,900 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and traded higher by Rs 100 each at Rs 7,200 and Rs 6,900 per quintal, respectively.

In the non-edible section, linseed and neem oils rose by Rs 50 each to Rs 7,400 and Rs 5,300-5,400 per quintal, respectively.