Edible oils gain on firm demand, global cues

Prices of select edible oils continued to rise for the second straight week at the wholesale oils and oilseeds market on increased buying by vanaspati millers and retailers amid firming global trend.

A few oils in the non-edible section, also showed some strength on pick up in demand from the consuming industries.

All the wholesale commodity markets remained closed on Monday on account of 'Bharat Bandh', called by the Opposition parties to protest against hike in fuel prices.

Sentiment remained firm in select edible oils as vanaspati millers continued their buying activity to meet the ongoing marriage season demand.

Reports of higher trend at the producing regions and firming trend in Malaysian palm oil too gave a positive impact, traders said.

Palm oil advanced in Malaysia amid concern wet weather in the US may affect planting of soybeans, crushed to make a substitute.

Meanwhile, palm oil futures for September delivery rose 0.4 per cent to USD 720 a metric tonne on the Malaysia Derivatives Exchange.

In the national capital, groundnut mill delivery (Gujarat) oil, which held steady for the major part of week, found fresh local buying and rose by Rs 100 to Rs 7,600 per quintal.

Groundnut solvent refined followed suit and traded higher by Rs 20 to Rs 1,270-1,280 per tin.