Edible oils extend gains on local demand, global cues

An upward trend in select edible oil prices continued in the wholesale oils and oilseeds market today on increased demand amid firming trend overseas. In the non-edible section, castor oil strengthened on increased demand from consuming industries.

Traders said the rise in select edible oil prices was mostly attributed to pick up in local demand and increased offtake by millers. Besides, firming trend in the Malaysian palm oil also influenced prices, they said.

Meanwhile, palm oil futures for December delivery rose one per cent to $873 a metric tonne on the Malaysia Derivatives Exchange, tracking gains in soyabean oil, which climbed to a two-year high after dollar weakened, and increased the appeal of commodities.

In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (dadri) oil prices were up by Rs 10 each to Rs 8,980 and Rs 5,400 per quintal, respectively.

Palmolein (rbd) gained Rs 20 to close at Rs 4,950 per quintal and crude palm oil (ex-kandla) rose Rs 10 to Rs 4,230 per quintal. Following are today's quotations in Rs per quintal:

Oilseeds: mustard seed 2,500-2,600 and groundnut seed 2,100-2,850
Vanaspati ghee (15 litres tin) 750-860

Edible oils: Groundnut mill delivery (Gujarat) 8,980, groundnut Solvent refined (per tin) 1,550-1,560, Mustard Expeller (Dadri) 5,400, Mustard Pakki ghani (per tin) 730-885, Mustard kachi ghani (per tin) 885-985, Sunflower 6,300

Sesame mill delivery 5,850, soybean Refined mill delivery (Indore) 4,980 Soyabean degum (Delhi) 4,700, Crude Palm Oil (Ex-kandla) 4,230, Cottonseed mill delivery (Haryana) 4,650, Palmolein (RBD) 4,950, Rice bran (phy) 3,750 and Coconut (per tin) 1,125-1,155

Non-edible oils: Linseed 4,100, Mahuwa 4,000, Castor 8,200-8,300, Neem 3,800-3,900, Rice bran 3,300-3,400 and palm fatty 3,225-3,300

Oilcakes: groundnut de-husk 800-850, sesame 950-1,150, Mustard (new) 1,025-1,050, Mustard 1,200-1,210 and Cottonseed 1,075-1,175