Groundnut, mustard oils rise in mixed trend

In a mixed pattern of trading, groundnut and mustard oils rose on the oils and oilseeds market during the week on the back of fresh buying support from vanaspati millers and retailers.

Marketmen said increased offtake by vanaspati millers and retailers triggered by ongoing marriage season demand along with firming trend in producing regions led to a rise in select edible oil prices in the national capital.

They said, however, a few oils remained weak and ended lower largely in tandem with weakening global trend.

Meanwhile, palm oil hovered near the lowest in more than seven months in Malaysia, extending the worst performance in six quarters, as a stronger Malaysian currency pared the appeal of the world’s cheapest edible oil used in food and fuels.

Palm oil futures for September-delivery fell 0.5 per cent to $724 a metric tonne on the Malaysia Derivatives Exchange, the lowest since November 17. The contract lost 2.1 per cent this week to drop for a second week.

In the national capital, groundnut mill delivery attracted buying support from mills and climbed by Rs 150 to Rs 7,500 per quintal, while groundnut solvent refined rose by Rs 30 to Rs 1,250-1,260 per tin.

Mustard expeller oil also shot up by Rs 100 to Rs 4,920 per quintal and mustard pakki and kachi ghani oils traded higher by Rs 10 each to Rs 685-840 and Rs 840-940 per tin of 15 litres respectively.

Cottonseed mill delivery (Haryana) too traded in the positive zone with a gain of Rs 70 to Rs 4,150 per quintal.

On the other hand, soyabean refined mill delivery (Indore) and soyabean degum (Delhi) fell by Rs 50 each to Rs 4,400 and Rs 4,300 respectively, while palmolein (rbd) and crude palm oil (ex-kandla) lost Rs 60 and Rs 80 to Rs 4,120 and Rs 3,640 per quintal respectively on lower global trend.

In the non-edible section, castor oil rose by Rs 100 to Rs 7,200-7,300 per quintal on increased industrial offtake. Neem oil also gained Rs 50 to Rs 3,700-3,800 per quintal on increased demand from soap industries.