Edible oils maintain upward march on millers buying

Select edible rose further upto Rs 20 per quintal in the wholesale oils and oilseed market today on continued buying by vanaspati millers and retailers, driven by coming festival season and reports of a firming global trend.

In the non-edible section, castor oil also showed a sharp rise on increased industrial offtake. Sentiment remained bullish after palm oil surged to the highest in almost two months in Malaysia on the outlook for increased demand from Asian nations for upcoming festivals. 

Meanwhile, the palm oil futures for October delivery rose 1.6 per cent to $775 a metric tonne on the Malaysia Derivatives Exchange, the highest since May 24.

Marketmen said continued buying by vanaspati millers to meet the coming festive demand and reports of a firming trend in global markets mainly led to a rise in select wholesale edible oil prices.

In the national capital, mustard expeller oil (Dadri) and sesame mill delivery oil rose by Rs 20 each to Rs 5,070 and Rs 5,870 per quintal, respectively. Soyabean refined delivery (Indore) and soyabean degum (Delhi) remained in demand and added another Rs 10 each to Rs 4,660 and Rs 4,460 per quintal.

Crude palm oil (ex-kandla) and palmolein (rbd) enquired higher by Rs 20 and Rs 10 to Rs 3,770 and Rs 4,410 per quintal. In the non-edible section, castor oil jumped up by Rs 150 to Rs 7,600-7,700 per quintal on increased industrial offtake.

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) 720-830

Edible oils: Groundnut mill delivery (Gujarat) 8,000, groundnut Solvent refined (per tin) 1,350-1,360, Mustard Expeller (Dadri) 5,070, Mustard Pakki ghani (per tin) 690-845, Mustard kachi ghani (per tin) 845-945, Sunflower 6,300

Sesame mill delivery 5,870, soybean Refined mill delivery (Indore) 4,660 Soyabean degum (Delhi) 4,460, Crude Palm Oil (Ex-kandla) 3,770, Cottonseed mill delivery (Haryana) 4,400, Palmolein (RBD) 4,410, Rice bran (phy) 3,750 and Coconut (per tin) 1,030-1,060

Non-edible oils: Linseed 4,000, Mahuwa 4,000, Castor 7,600-7,700, Neem 3,700-3,800, 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