Select edible oils remain up on millers, retailers buying

Wholesale prices of select edible oils continued to rise for the second straight week on the oils and oilseeds market on increased offtake by vanaspati millers and retailers, driven by the marriage season demand. 

Marketmen said continued buying by vanaspati millers and retailers to meet the marriage season demand led to a rise in wholesale edible oil prices in the national capital but weak trend overseas restricted gains.

Besides, firming trend at the producing regions also supported the upside in prices, they said. Meanwhile, the state-owned trading agency PEC has floated a tender inviting bids to import 1,500 tonnes of crude degummed soyabean oil, while MMTC invited bids to import 6,000 tonnes of RBD palmolein.

In the edible section, mustard expeller oil (Dadri) gained the most by adding Rs 90 to Rs 4,820 per quintal on pick up in demand from local parties. Mustard pakki and kachi ghani oils gained Rs 10 each to Rs 675-830 and Rs 830-930 per tin of 15 litres.

Groundnut mill delivery (Gujarat) rose by Rs 50 to Rs 7,350 per quintal on higher advices from the producing belts. Groundnut solvent refined followed suit and traded higher by Rs 20 to Rs 1,220-1,230 per tin.

Sesame and cottonseed mill delivery (Haryana) oils were also in good form and moved up by Rs 50 and Rs 60 to Rs 5,850 and Rs 4,080 per quintal.

In line with a general trend, soyabean refined mill delivery (Indore) and soyabean degum (Delhi) rose by Rs 30 each to Rs 4,450 and Rs 4,350, while crude palm oil (ex-kandla) and palmolein (RBD) oils gained Rs 10 each to Rs 3,720 and Rs 4,180 per quintal.

In the non-edible section, castor oil jumped up by Rs 150 to Rs 7,100-7,200 per quintal on increased industrial offtake. Neem oil gained Rs 50 to Rs 3,650-3,750 per quintal on some enquiries from the soap industries.