Edible oils up on fresh millers buying, global cues

NEW DELHI: Edible oil prices rose up to Rs 100 per quintal on the oils and oilseeds market today following fresh buying by vanaspati millers for the ongoing marriage season coupled with higher Malaysian advices.

However, non-edible oils held steady in thin trade. Traders said fresh buying by vanaspati millers to meet the ongoing wedding season demand amid a firm global trend on speculation that India, the biggest consumer, might import more to make up for a shortfall in local oilseed crops mainly influenced the trading sentiment.

Meanwhile, palm oil for the contract for February delivery advanced 1.2 per cent to $793 a metric tonne on the Malaysia Derivatives Exchange.

In the national capital, groundnut mill delivery oil (Gujarat) rose by Rs 100 to Rs 12,000 per quintal.

Taking a positive cues from overseas, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils rose by Rs 50 each to Rs 7,200 and Rs 6,800 and crude palm oil (ex-kandla) traded higher by the same margin to Rs 7,150 per quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils too traded higher by Rs 50 each to Rs 7,300 and Rs 6,850 per quintal, respectively.