Edible oils strengthen on millers' buying, global cues

NEW DELHI: Edible oil prices strengthened up to Rs 100 per quintal in the wholesale oils and oilseeds market today on increased offtake by vanaspati millers supported by ongoing marriage season demand and a firming global trend.

Neem oil in the non-edible section, also moved up on the back of increased demand from consuming industries.

Traders said sustained buying by vanaspati millers to meet wedding season demand amid a firming global trend, where palm oil advanced to over three-week high mainly influenced the sentiment here.

Meanwhile, palm oil for delivery in April rose 0.7 per cent to $ 809 a metric tonne on the Malaysia Derivatives Exchange, the highest since January 4.

In the national capital, sesame mill delivery oil strengthened by Rs 100 by Rs 100 to Rs 10,900 per quintal.

Tracking a firming global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils rose by Rs 50 each to Rs 7,700 and Rs 7,250, while crude palm oil (ex-kandla) traded higher by the same margin to Rs 7,550 per quintal respectively.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and gained Rs 50 each at Rs 7,700 and Rs 7,200 per quintal respectively.

In the non-edible section, neem oil moved up by Rs 50 to Rs 5,000-5,100 per quintal.