Select edible oils strengthen on millers buying

NEW DELHI: Select edible oils strengthened by Rs 50 per quintal on the wholesale oils and oilseeds market today on sustained buying by vanaspati millers amid a firming global trend.


Neem oil in the non-edible section, also showed a better trend.

Traders said sustained buying by vanaspati millers to meet the rising demand amid a firming global trend on speculation that exports from Malaysia, the world's second- largest producer, may rebound and trim stockpiles, mainly boosted the sentiment.

Meanwhile, palm oil for the contract for August delivery, gained 1 per cent to USD 775 a tonne on the Bursa Malaysia Derivatives.

In the national capital, mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils advanced by Rs 50 each to Rs 6,550 and Rs 6,300 per quintal, respectively.

Tracking a firming global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils added Rs 50 each to Rs 7,400 and Rs 7,000 per quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils also gained Rs 50 each to Rs 5,550 and Rs 5,050 per quintal, respectively.

In the non-edible section, neem oil also moved up by Rs 50 to Rs 5,000-5,100 per quintal on increased offtake by consuming industries.