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Edible oils recover on fresh buying, global cues

Restricted arrivals from key producing areas also supported prices

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recovered on the oils and oilseeds market, during the past week, on emergence of buying by vanaspati mills and retailers, driven by ongoing wedding season amid a firming global trend.

Restricted arrivals from producing belts also supported the recovery in edible oil prices.

However, a few oils in the non-edible section remained under pressure and shed further grounds due to sluggish demand from consuming industries.

Traders said fresh buying by vanaspati millers and retailers to meet the ongoing marriage season demand and reports of a firming trend in global markets led to the recovery in the wholesale edible oil prices.

Meanwhile, palm oil gained 2.1% this month on the Malaysia Derivatives Exchange.

In the national capital, groundnut mill delivery oil (Gujarat) and mustard expeller (Dadri) oils recovered by Rs 50 each to Rs 11,600 and Rs 8,400 per quintal, respectively, on pick up in demand from retailers.

Cottonseed mill delivery (Haryana) oil also traded higher by the same margin to Rs 6,850, while sesame oil after moving in a narrow range in scattered deals and settled at Rs 8,250 per quintal.

Taking positive cues from overseas markets, soyabean refined mill delivery (Indore) (rpt) soyabean refined mill delivery (Indore) and soyabean degum (Kandla) (rpt) soyabean degum (Kandla) oils rose by
Rs 50 each to Rs 8,100 and Rs 7,650, respectively, while crude palm oil (ex-kandla) oil traded up by the same margin to Rs 7,350 per quintal.

Palmolein (RBD) and palmolein (Kandla) oils advanced by Rs 50 each to Rs 8,200 and Rs 7,850 per quintal, respectively.

On the other hand, in the non-edible section, castor oil and neem oils lacked necessary buying support and declined by Rs 50 each to Rs 8,400-8,500 and Rs 4,400-4,500 per quintal, respectively. (MORE) PTI SUN RS KPS
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