Edible oils strengthen on vanaspati units buying, global cues

Edible oil prices strengthened on the oils and oilseeds market during the past week on increased buying by vanaspati millers and retailers to meet ongoing wedding season demand amid a firming global trend.

A few oils in the non-edible section also traded higher on increased offtake by industrial units.

Traders said increased buying by vanaspati millers and retailers to meet the ongoing marriage season demand amid a firming global trend where palm oil climbed 1.9 per cent this week in Malaysia, mainly boosted the sentiment.

Increased offtake by industrial units and other consuming industries helped a few non-edible oils to ended higher, they said.

In the national capital, groundnut mill delivery oil (Gujarat) rose by Rs 50 to 12,350 per quintal.

Mustard expeller (Dadri) and sesame mill delivery oils also moved up by Rs 150 each to Rs 8,250 and Rs 10,600 per quintal respectively.

Taking positive cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils rose by Rs 100 each to Rs 7,650 and Rs 7,200, while crude palm oil (ex-kandla) traded higher by the same margin to Rs 7,500 per quintal respectively.

Palmolein (rbd) and palmolein (kandla) oils followed suit and went up by Rs 100 each to Rs 7,600 and Rs 7,100 per quintal respectively.

In the non-edible section, linseed oil shot up by Rs 100 to Rs 6,250 per quintal on increased demand from paint manufacturing units.

Neem oil too traded in positive zone with a rise of Rs 50 to Rs 4,950-5,050 per quintal.