Palmolein oil prices strengthen on global cues

NEW DELHI: Palmolein oil prices strengthened by Rs 50 per quintal on the wholesale oils and oilseeds market on Friday largely on increased buying by vanaspati millers and a firming global trend.


However, other edible and non-edible oils moved in a narrow range in limited deals and settled around previous levels.

Traders said sustained buying by vanaspati millers and a firming global trend on speculation that output may drop this month in Malaysia, cutting inventories for a fifth month in the world's second-largest producer, mainly led to rise in palmolein oil prices.

Meanwhile, palm oil for the contract for August rose 0.5 per cent to $782 a tonne on the Bursa Malaysia Derivatives.