Select edible oils rebound on buying

Select edible oils, led by soyabean, traded higher during the past week on buying by vanaspati millers and retailers driven by marriage season demand. Firming trend at global markets and tight arrivals from the producing belts also helped edible oils to trade higher.

A few non-edible oils also moved up on increased industrial offtake.

Marketmen said trading sentiment in select edible oils turned better on revival of buying by vanaspati millers and retailers fuelled by the ongoing marriage season demand against restricted arrivals.

Meanwhile, Malaysian palm oil futures gained and posted their first weekly advance after export data showed rising demand from China, the largest consumer of edible oils.

Palm oil for August delivery advanced 1.4 per cent to $750 a metric tonne on the Malaysia Derivatives Exchange.

In the edible section,soyabean mill delivery (Indore) gained the most by rising Rs 70 to Rs 4,500 and soyabean degum (Delhi) inched up by Rs 10 to Rs 4,350, while crude palm oil (ex-kandla) moved up by Rs 70 to Rs 3,700 per quintal on higher global trend.

Palmolein (rbd) followed suit and gained Rs 40 to Rs 4,160 per quintal.

In line with a general firming trend, groundnut mill delivery (Gujarat) rose by Rs 50 to Rs 6,900 per quintal and groundnut solvent refined Rs 5 to Rs 1,140-1,150 per tin.

Mustard expeller oil (Dadri) went up by Rs 50 to Rs 4,550 per quintal, while mustard pakki and kachi ghani oils gained Rs 5 each to Rs 645-800 and Rs 800-900 per tin. Cottonseed mill delivery (Haryana) too traded higher by Rs 40 to Rs 4,040 per quintal.

In the non-edible section, castor oil which held steady in major part of the week, jumped up by Rs 200 to Rs 6,650- 6,750 on good domestic as well as exports demand.

However, linseed, mahuwa, neem, rice bran and palm fatty oils hovered around previous levels of Rs 4,000, Rs 4,000, Rs 3,600-3,700, Rs 3,200-3,300 and Rs 3,225-3,300 per quintal in negligible enquiries from consuming industries.