Edible oils up on increased buying, deficient rains

NEW DELHI: Edible oils rose at the wholesale oils and oilseeds market during the week on increased buying by vanaspati millers and retailers to meet the coming festive season demand amid deficient monsoon and a firm global trend.

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

Marketmen said increased buying by vanaspati millers and retailers for the festival season amid a firming global trend mainly led to a rise in wholesale edible oil prices.

They added deficient monsoon in producing regions also gave push to a rising trend in edible oil prices.

Meanwhile, palm oil gained 3.6 per cent this week on the Malaysia Derivatives Exchange.

In the national capital, groundnut mill delivery oil (Gujarat) rose by Rs 100 to Rs 11,750 per quintal on day-to-day buying activity, while groundnut solvent refined remained steady at Rs 1,850-1,900 per tin on scattered deals.

Mustard expeller oil (Dadri) found buying support from local parties and shot up by Rs 150 to Rs 8,000 per quintal. Mustard pakki and kachi ghani oils followed suit and traded higher by Rs 10 each to Rs 1,185-1,325 and Rs 1,340-1,440 per tin.

Sesame and cottonseed mill delivery (Haryana) oils also attracted fresh buying support from vanaspati millers and moved up by Rs 50 each to Rs 8,150 and Rs 6,350 per quintal, respectively.

Tracking a firming global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils shot up by Rs 150 each to Rs 8,000 and Rs 7,550, respectively. Crude palm oil (ex-kandla) oil traded higher by Rs 100 to Rs 7,500 per quintal.

Palmolein (rbd) and palmolein (Kandla) oils too traded in positive zone with a rise of Rs 150 and Rs 50 to Rs 8,200 and Rs 7,750 per quintal, respectively.

In line with a general firming trend, coconut oil which held steady for the major part of week, found buying support at the fag-end and strengthened by Rs 25 to Rs 1,375-1,425 per tin.

In the non-edible section, linseed oil spurted by Rs 100 to Rs 5,400 per quintal on fresh inquiries from paint units.

Castor oil jumped up by Rs 200 to Rs 8,550-8,650 per quintal on increased industrial offtake.