Edible oils end on mixed trend

Mixed conditions prevailed on the wholesale oils and oilseeds market during the past week as select edible oils strengthened further on sustained buying by vanaspati millers amid firming global trend, while a few others declined on lack of necessary buying support.

A few oils in the non-edible section also showed a weak trend on sluggish demand from consuming industries.

Market analysts said sustained buying by vanaspati millers to meet the ongoing marriage season demand and a strong trend overseas, mainly pushed up select edible oil prices.

The palm oil prices gained 1.5 per cent to $1,295 per tonne in Kuala Lumpur this week, after touching the highest level since March 2008.

In the national capital, crude palm oil (ex-kandla) gained the most by rising Rs 100 to Rs 5,700 per quintal. Mustard expeller oil (Dadri) gained Rs 20 to Rs 5,920 per quintal on pick up in local demand.

Cottonseed mill delivery (Haryana) and sesame mill delivery oils also attracted fresh buying support from vanaspati millers and traded higher by Rs 20 and Rs 10 to Rs 5,820 and Rs 6,410 per quintal, respectively.

On the other hand, groundnut mill delivery oil (Gujarat) declined by Rs 50 to Rs 7,350 per quintal, while groundnut solvent refined shed Rs 25 to Rs 1,350-1,360 per tin.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) fell by Rs 100 and Rs 50 to Rs 6,250 and Rs 6,100 per quintal, respectively. Palmolein (rbd) oil also traded lower by Rs 100 to Rs 6,250 per quintal.

In the non-edible section, linseed oil declined by Rs 50 to Rs 4,600 per quintal on lack of paint industries demand.

Neem oil slipped to Rs 4,100-4,200 against last close of Rs 4,150-4,250 per quintal on reduced industrial offtake.