Edible oils up on festive demand, global cues

Select edible oils, led by groundnut oil rose up to Rs 150 per quintal in the wholesale oils and oilseeds market today on fresh buying by vanaspati millers, driven by festive and marriage season demand amid firming global trend.

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

Traders said besides millers buying, sentiment bolstered after palm oil gained in Malaysia as rally in crude oil raised the appeal of the vegetable oil as feedstock for biodiesel and a report showed an increase in exports from Malaysia, the second-biggest producer.

Meanwhile, palm oil futures for November-delivery advanced one per cent to $861 a metric tonne on the Malaysia Derivatives Exchange.

In the edible section, groundnut mill delivery oil gained the most by rising Rs 150 to Rs 9,000 per quintal, while groundnut solvent refined traded higher by Rs 30 to Rs 1,550-1,560 per tin.

Mustard expeller (Dadri) oil attracted fresh buying from local parties and shot up by Rs 80 to Rs 5,350 per quintal. Its pakki and kachi ghani oils traded higher by Rs 10 each to Rs 715-870 and Rs 870-970 per tin.

Cottonseed mill delivery (Haryana) followed suit and jumped by Rs 150 to Rs 4,700 per quintal. In line with a general firming trend, palmolein (rbd) oil gained Rs 20 to Rs 4,900 per quintal.

In the non-edible section, castor oil rose by Rs 100 to Rs 8,000-8,100 per quintal on increased industrial offtake. Neem oil gained Rs 50 to Rs 3,850-3,950 per quintal on fresh enquiries from soap industries.