Soyabean, palmolein oils up on global cues

Soyabean and palmolein oil prices firmed up to Rs 30 per quintal on the wholesale oils and oilseeds market today on sustained buying by vanaspati millers due to the ongoing marriage season supported by a firm global trend. 

A few oils in the non-edible section, moved up on increased offtake by consuming industries.

Trading sentiment bolstered as palm oil futures climbed the most in more than a week in Malaysia after rival soybean oil advanced on speculation that dry weather will curb oilseed yields in Argentina and Brazil, straining global cooking oil supplies.

Meanwhile, palm oil futures for the March-delivery contract climbed 2.3 per cent to $1,267 a tonne on the Malaysia Derivatives Exchange. 

Besides sustained buying by millers to meet the rising marriage season demand and reports of rising trend in Malaysia led to the rise in soyabean and palmolein oil prices.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) rose by Rs 30 each to Rs 6,300 and Rs 6,100, respectively, while palmolein (rbd) and crude palm oil (ex-kandla) gained Rs 20 each to Rs 6,220 and Rs 5,570 per quintal, respectively.

Sesame mill delivery oil also moved up by Rs 20 to Rs 6,270 per quintal. 

In the non-edible section, linseed oil went up by Rs 50 to Rs 4,600 per quintal on paint industries' enquiries.

Castor oil also traded higher by the same margin to Rs 8,650-8,750 per quintal on increased industrial offtake.

Following are today's quotations in Rs per quintal:

Oilseeds: mustard seed 2,525-2,655 and groundnut seed 2,100-2,850
Vanaspati ghee (15 litres tin) 925-960

Edible oils: Groundnut mill delivery (Gujarat) 7,600, groundnut Solvent refined (per tin) 1,450-1,460, Mustard Expeller (Dadri) 6,150, Mustard Pakki ghani (per tin) 780-935, Mustard kachi ghani (per tin) 935-1,035, Sunflower 6,300

Sesame mill delivery 6,270, soybean Refined mill delivery (Indore) 6,300, Soyabean degum (Kandla) 6,100, Crude Palm Oil (Ex-kandla) 5,570, Cottonseed mill delivery (Haryana) 5,700, Palmolein (RBD) 6,220, Rice bran (phy) 3,750 and Coconut (per tin) 1,415-1,475

Non-edible oils: Linseed 4,600, Mahuwa 4,000, Castor 8,650-8,750, Neem 4,100-4,200, Rice bran 3,300-3,400 and palm fatty 3,225-3,300

Oilcakes: groundnut de-husk 800-850, sesame 950-1,150, Mustard (new) 1,000-1,025, Mustard 1,200-1,210 and Cottonseed 1,075-1,175