Select edible oils maintain upward trend on festive demand

NEW DELHI: In a mixed pattern of trading, select edible oils continued their upward march for the second straight week on the wholesale oils and oilseeds market largely on pick up in demand from vanaspati units.

However, a few other edible oils like soyabean, palmoline (RBD) and cottonseed lacked necessary follow up support and declined.

Marketmen said sustained buying by Vanaspati millers and retailers to meet the following festival season demand mainly led to a rise in select edible oils this second straight week.

They said increased stockpiles in some other edibles partly influenced the trading sentiment and pulled down the prices of palmoline and soybean.

Both import-linked oils traded lower in Malaysia, a hub of global trading for palmoil and soybean, they added.

Groundnut mill delivery oil rose by Rs 100 to Rs 5,900 per quintal and groundnut solvent gained Rs 10 to Rs 960-1,000 per tin on higher advices from Gujarat.

Crude palm oil (ex-Kandla) gained Rs 40 at Rs 3,150 per quintal on paucity of stocks on restricted arrivals.