Edible oils strengthen on millers buying support

Edible oil prices strengthened up to Rs 50 per quintal on the wholesale oils and oilseeds market today on increased offtake by vanasmati millers, amid a firming global trend.

Buying activity in edible oils picked up as palm oil climbed in overseas markets after stockpiles in Malaysia, the second-largest producer, dropped for the first time in six months in July when exports advanced to a record and output declined.

Meanwhile, palm oil futures for the October contract increased by 0.8% to $984 per tonne on the Malaysia Derivatives Exchange.

In the national capital, sesame and cottonseed mill delivery (Haryana) oils rose by Rs 50 and Rs 20 to Rs 6,250 and Rs 5,550 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils remained in demand and advanced by Rs 25 each to Rs 6,450 and Rs 5,925 per quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils moved up further by Rs 50 each to Rs 5,850 and Rs 5,550, while crude palm oil (ex-kandla) gained Rs 25 to Rs 5,200 per quintal, respectively.

Following were today's quotations:

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) 8,500, groundnut Solvent refined (per tin) 1,450-1,460, Mustard Expeller (Dadri) 6,000, 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) 6,450, Soyabean  degum (Kandla) 5,925, Crude Palm Oil (Ex-kandla) 5,200, Cottonseed mill delivery (Haryana) 5,550, Palmolein (RBD) Rs 5,850 Palmolein (Kandla) 5,550, Rice bran (phy) 3,750 and Coconut (per tin) 1,720-1,780

Non-edible oils: Linseed 4,500, Mahuwa 4,000, Castor 8,400-8,500, Neem 4,000-4,100, 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