Select edible oils up on global cues

NEW DELHI: Select edible oil prices recovered by Rs 50 per quintal in the wholesale oils and oilseeds market today largely on firming global trend.

However, non-edible oils continued to be traded at previous levels on some support.

Traders attributed the recovery in edible oils to a firm global trend amid speculation that a slump in the ringgit to a three-year low may increase exports from Malaysia, the world's second-biggest producer, mainly led to rise in select edible oil prices.

Meanwhile,palm oil for the contract for delivery in October climbed 1.4 per cent to USD 691 a tonne, the highest since July 24 on the Bursa Malaysia Derivatives,

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils recovered by Rs 50 each to Rs 6,850 and Rs 6,550 per quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils also traded higher by a similar margin to Rs 5,450 and Rs 5,050 per quintal, respectively.

The following were today's quotations per quintal: Oilseeds: Mustardseed 2,950-3,050 and Groundnut Seed 2,150-2,900.