Edible oils up on firming global trend

Edible oil prices rose up to Rs 100 per quintal in the wholesale oils and oilseed market today on firming global trend, and rising domestic demand in view of festive season.

Neem and mahuwa oils in the non-edible section, also moved up moderately on increased industrial offtake.

Marketmen said apart from firming global trend, rising domestic demand in view of festive season mainly led to a rise in wholesale edible oil prices. Higher advices from producing regions also influenced the trading sentiment, they said.

Trading sentiment remained firm as palm oil climbed in Malaysia on concern that heavy rains in Asia may hurt production.

In the edible section, groundnut mill delivery oil gained the most by rising Rs 100 to Rs 8,600 per quintal, while groundnut solvent refined traded higher by Rs 25 to Rs 1,475-1,485 per tin.

Cottonseed mill delivery (Haryana) rose by Rs 50 to Rs 4,650 per quintal.

Taking cues from firming overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Delhi) oils added Rs 50 and Rs 70 to Rs 5,150 and Rs 4,750 and crude palm oil (ex-kandla) and palmolein (rbd) edged up by Rs 50 each to Rs 4,150 and Rs 4,850 per quintal on higher global trend.

In the non-edible section, neem oil rose by Rs 50 to Rs 3,800-3,900 per quintal on increased offtake from soap industries, while mahuwa oil traded higher by the same margin at Rs 4,050 per quintal.