Select edible oils up on millers buying, global cues

NEW DELHI: Prices of select edible oil rose by Rs 50 per quintal on the wholesale oils and oilseeds market today on increased buying by vanaspati millers amid a firm global trend.

Linseed oil, in the non-edible segment, also moved up on increased offtake by paint industries.

Traders said fresh buying by vanaspati millers amid a firm global trend on speculations that the worst losing streak since 2006 may stoke demand, cutting reserves in Indonesia and Malaysia, the world's biggest producers mainly led to rise in select wholesale edible oil prices.

Meanwhile, palm oil for the contract for May climbed 1.3 per cent to USD 773 a tonne on the Malaysia Derivatives Exchange.

Increased demand from paint makers helped linseed oil to trade higher, they said.

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (kandla) oils rose by Rs 50 each to Rs 7,450 and Rs 7,000, while crude palm oil (ex-kandla) traded higher by similar margin to Rs 7,400 per quintal respectively on firm global trend.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and gained Rs 50 each to Rs 7,550 and Rs 7,050 per quintal respectively.

In the non-edible section, linseed oil moved up by Rs 50 to Rs 6,600 per quintal.