Select edible oils up on global cues

Select edible oil prices rose up to Rs 30 per quintal on the oils and oilseeds market today due to fresh buying by retailers.

Trading sentiment remained firm as palm oil climbed after exports from Malaysia gained, and as prices of rival soyabean oil increased on speculation that the US government may cut the global soybean oilseed output estimate because of dry weather in Latin America. 

Meanwhile, palm oil futures prices for the delivery in March rose 1.2 per cent, to $1,240 a tonne on the Malaysia Derivatives Exchange.

Besides, buying by retailers due to ongoing marriage season also influenced the trading sentiment. 

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) rose by Rs 20 each to Rs 6,320 and Rs 6,120, while crude palm oil (ex-kandla) and palmolein (rbd) oils gained Rs 30 and Rs 20 to Rs 5,600 and Rs 6,240 per quintal, repectively.