Edible oils rise on fresh millers buying, global cues

NEW DELHI: Edible oil prices firmed up to Rs 100 per quintal on the wholesale oils and oilseeds market today, following fresh buying by vanaspati millers for the marriage season coupled with a higher global trend.

A few oils in the non-edible section, also moved up on increased offtake by industrial units.

Traders said fresh buying by vanaspati millers for the ongoing wedding season, amid a firming global trend mainly led to a rise in edible oil prices.

Meanwhile, palm oil for April contract climbed 1.2 per cent to USD 801 a tonne on the Malaysia Derivatives Exchange.

In the national capital, mustard expeller (Dadri) and sesame oils rose by 100 each to Rs 8,200 and Rs 10,550 per quintal respectively.

Taking positive cues from overseas, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils moved up by Rs 50 each to Rs 7,600 and Rs 7,150, while crude palm oil (ex-kandla) traded higher by similar margin to Rs 7,450 per quintal respectively.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and gained Rs 50 each at Rs 7,550 and Rs 7,050 per quintal respectively.

In the non-edible section, linseed and neem oils rose by Rs 50 each to Rs 6,200 and Rs 4,950-5,050 per quintal respectively on increased offtake by consuming industries.