Select edible oils extend upward trend on seasonal demand

An upward trend in select edible oils remained unabated and was led by groundnut in the wholesale oils and oilseeds market during the week.

It recorded gains up to Rs 250 per quintal on the back of continued buying by millers as well as stockists, supported by festive and marriage season.

However, soyabean oil remained in negative zone with losses on fall in demand, but castor oil in the non-edible section strengthened on pick up in industrial demand.

Marketmen said sustained buying by vanaspati units and local parties in the wake of festive and marriage season amid better trend in Malaysian palm oil on speculation of an increased export, influenced the trading sentiment here.

Meanwhile, palm oil futures for the November-delivery in Malaysia ended the week at $853 a metric tonne, as against the previous week's level of $849 a tonne.

In the national capital, groundnut mill delivery oil maintained its last week's upward journey and gathered another Rs 250 to close at Rs 9,000 per quintal.

Likewise, groundnut solvent refined also showed some strength and traded Rs 30 higher at Rs 1,550-1,560 per tin of 15 litres.