Select edible oils strengthen on mills' buying, global cues

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


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

Traders said increased buying by vanaspati millers amid a firming global trend on speculation that stockpiles in Malaysia may drop for a fifth month as output declines in the world's second-biggest producer, mainly influenced the sentiment.

Meanwhile, palm oil for the contract for August advanced 0.4 per cent to USD 787 a tonne, the highest level since April 10 on the Bursa Malaysia Derivatives.

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils added Rs 50 each to Rs 7,550 and Rs 7,150 per quintal, respectively.

Palmolein (rbd) and palmolein (kandla) oils also followed suit and traded higher by the same margin to Rs 5,800 and Rs 5,300 per quintal, respectively.