Edible oils rebound on global cues

Edible oil prices recovered by up to Rs 50 per quintal in the wholesale oils and oilseeds market today on emergence of buying by vanaspati millers amid a firming global trend.

However, non-edible oils moved in a narrow range in restricted buying activity and settled around previous levels.

Buying activity in edible oils picked-up after palm oil climbed to the highest level in more than six weeks in global markets on concerns that stormy weather in the US may further delay the planting of soyabeans.

Meanwhile, palm oil for the August-delivery contract gained 0.6% to $1,130 per tonne on the Malaysia Derivatives Exchange, the highest level since April 11. Besides, vanaspati millers enlarged their positions to meet the ongoing marriage season demand.

In the national capital, mustard expeller oil (Dadri) oil and groundnut mill delivery oil (Gujarat) oils recovered by Rs 50 each to Rs 5,750 and Rs 8,050 per quintal, respectively, while groundnut solvent refined gained Rs 25 to Rs 1,425-1,435 per tin. 

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils rose by Rs 50 and Rs 30 to Rs 6,270 and Rs 5,900, respectively, while crude palm oil (ex-kandla) edged up by Rs 50 to Rs 5,350 per quintal.  

Palmolein (rbd) and palmolein (Kandla) oils also moved up by Rs 50 each to Rs 5,900 and Rs 5,600 per quintal, respectively.

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) 8,050, groundnut Solvent refined (per tin) 1,425-1,435, Mustard Expeller (Dadri) 5,750, Mustard Pakki ghani (per tin) 760-915, Mustard kachi ghani (per tin) 915-1,015, Sunflower 6,300

Sesame mill delivery 6,250, soybean Refined mill delivery (Indore) 6,270, Soyabean degum (Kandla) 5,900, Crude Palm Oil (Ex-kandla) 5,350, Cottonseed mill delivery (Haryana) 5,550

Palmolein (RBD) Rs 5,900 Palmolein (Kandla) 5,600, Rice bran (phy) 3,750 and Coconut (per tin) 1,600-1,660

Non-edible oils: Linseed 4,550, Mahuwa 4,000, Castor 8,500-8,600, 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