Select edible oils rise on fresh buying

NEW DELHI: Select edible oils gained on the wholesale oils and oilseeds market in the national capital during the past week, on heavy buying by stockists following positive global trend.

However, a few others recorded small to notable losses on new arrivals from producing areas, creating adequate stock positions.

Marketmen said increased buying by stockists influenced by firming global trend mainly led to the rise in select wholesale edible oil prices.

They said pick up in retailers buying in view of the current marriage season also supported some edible oil prices.

Weakening crude oil prices also influenced trading in palm and soybean oils -- normally used for cooking and sometime as a substitute to produce bio-fuel.

Palm oil recorded its first weekly gain in a month in the overseas markets on speculation that production may be slowing just as drought curbs the supply outlook.

Palm oil output in Malaysia, the second-largest producer and representing about two-third of the world edible demand, slumped 11 per cent in December.