Edible oils rise on millers buying, global cues

Buoyed by a firming trend in the global market and pick up in demand from millers and retailers, edible oil prices rose up to Rs 150 per quintal on the wholesale oils and oilseeds market today.

A few oils in the non-edible section, also showed strength on increased industrial offtake.

Sentiment remained bullish on global cues as palm oil continued its winning streak and rose to a three-month high after a report showed that shipments from Malaysia, the world's second-largest producer, gained last month.  

Meanwhile, palm oil futures for October-delivery advanced 1.8 per cent to $810 a tonne on the Malaysia Derivatives Exchange, the highest level since May 3.

In the edible section, groundnut mill delivery (Gujarat) gained the most by rising Rs 150 to Rs 8,500 per quintal higher Gujarat advices. Mustard expeller oil (Dadri) gained Rs 50 to Rs 5,400 per quintal.

Soyabean refined mill delivery (Indore) and soyabean degum (Delhi) rose by Rs 80 and Rs 20 to Rs 4,900 and Rs 4,630 per quintal. Crude palm oil (Ex-kandla) and palmolein (rbd) oils traded higher by Rs 80 and Rs 50 to Rs 3,950 and Rs 4,580 per quintal.

In the non-edible section, castor and neem oils also gained Rs 50 each to Rs 7,650-7,750 and Rs 3750-3850 per quintal on increased industrial offtake.