Edible oils recover on mills' buying

NEW DELHI: Edible oil prices recovered by up to Rs 150 per quintal in the oils and oilseeds market today on emergence of buying by vanaspati units and retailers, driven by the ongoing marriage season.

However, neem oil in the non-edible section, declined on lack of demand from soap's unit.

Traders said increased buying by vanaspati millers and retailers for the ongoing marriage season and reports of a firming trend in global markets mainly led to the recovery in edible oil prices.

In the edible section, mustard expeller (Dadri) gained the most by rising Rs 150 to Rs 8,400 per quintal on pick up in local parties demand. Groundnut mill delivery oil (Gujarat) shot up by Rs 100 to Rs 11,600 per quintal.

Cottonseed mill delivery (Haryana) and sesame oils rose by Rs 50 each to Rs 6,850 and Rs 8,250 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils rose by Rs 100 each to Rs 8,100 and Rs 7,650, respectively, while crude palm oil (ex-kandla) traded higher by Rs 50 to Rs 7,350 per quintal.

Palmolein (RBD) and palmolein (Kandla) oils also moved up by Rs 70 and Rs 50 to Rs 8,200 and Rs 7,850 per quintal, respectively.

Vanaspati ghee (15 litre tin) traded higher at Rs 1,100-1,250 instead of Rs 1,040-1,200 on pick up in demand.

However, in the non-edible section, neem oil lacked necessary buying support from consuming industries and shed Rs 50 to Rs 4,400-4,500 per quintal.