Edible oils move up on firm global cues

Firm conditions continued to prevail in the wholesale oils and oilseeds market today as edible oils strengthened further by up to Rs 50 per quintal on brisk buying by vanaspati millers amid a firming trend in overseas markets. 

Trading sentiments in edible oils remained firm after palm oil gained in global markets, on speculations that a US government report may show farmers sowed less soybeans because of heavy rains, boosting prices of the oilseed as a rival product.

The palm oil for the September-delivery gained 0.9% to $1,039 a tonne on the Malaysia Derivatives Exchange.

In the national capital, soyabean refined mill delivery (Indore) oil rose by Rs 30 and soyabean degum (Kandla) oil gained Rs 20 to Rs 6,230 and Rs 5,820, respectively, while crude palm oil (ex-kandla) added Rs 30 to Rs 5,230 per quintal. 

Palmolein (rbd) and palmolein (Kandla) oils followed suit and traded higher by Rs 50 each to Rs 5,750 and Rs 5,450 per quintal, respectively.

Mustard expeller oil (Dadri) gained Rs 20 to Rs 5,750 per quintal. Mustard pakki and kachi ghani oils traded higher by Rs 5 each to Rs 755-910 and Rs 910-1010 per tin, respectively.

Sesame and cottonseed mill delivery (Haryana) oil edged up by Rs 20 each to Rs 6,200 and Rs 5,470 per quintal, respectively. In the non-edible section, neem oil traded higher by Rs 50 to Rs 4,100-4,200 per quintal on increased offtake from soap industries.

Following are today's quotations in Rs per quintal:

Oilseeds: mustard seed 2,525-2,655 and Groundnut seed 2,100-2,850
Vanaspati ghee (15 litres tin) 1,065-1,140

Edible oils: Groundnut mill delivery (Gujarat) 8,200, groundnut Solvent refined (per tin) 1,400-1,410, Mustard Expeller (Dadri) 5,750, Mustard Pakki ghani (per tin) 755-910, Mustard kachi ghani (per tin) 910-1,010

Sunflower 6,300, Sesame mill delivery 6,200, soybean Refined mill delivery (Indore) 6,230, Soyabean  degum (Kandla) 5,820, Crude Palm Oil (Ex-kandla) 5,230, Cottonseed mill delivery (Haryana) 5,470, Palmolein (RBD) Rs 5,750 Palmolein (Kandla) 5,450, Rice bran (phy) 3,750 and Coconut (per tin) 1,600-1,660

Non-edible oils: Linseed 4,550, Mahuwa 4,000, Castor 8,480-8,580, Neem 4,100-4,200, Rice bran 3,300-3,400 and palm fatty 3,225-3,300

Oilcakes: groundnut dehusk 800-850, sesame 950-1,150, Mustard (new) 1,000-1,025, Mustard 1,200-1,210 and Cottonseed 1,075-1,175