Soyabean, palmolein up on global trend, strong demand

Soyabean and palmolein oil prices rose Rs 20 per quintal in the wholesale oils and oilseed market today on increased buying by vanaspati millers, driven by pick up in festive demand.

Firming trend in overseas market where palm oil climbed to its highest-level in 16 months on concern that heavy rains in Asia may hurt production and rival soybean oil also boosted the market sentiment.

Marketmen said increased buying by vanaspati millers on the back of festive demand and reports of rising trend in global markets mainly influenced the select edible oil prices.

In the edible section, soyabean refined mill delivery (Indore) and soyabean degum (Delhi) up by Rs 20 each to Rs 5,170 and Rs 4,770 per quintal. Palmolein (rbd) and crude palm oils (ex-kandla) also traded higher by the same margin at Rs 4,870 and Rs 4,170 per quintal.

Following are today's quotations in Rs per quintal:

Oilseeds: mustard seed 2,500-2,600 and groundnut seed 2,100-2,850
Vanaspati ghee (15 litres tin) 750-860

Edible oils: Groundnut mill delivery (Gujarat) 8,600, groundnut Solvent refined (per tin) 1,475-1,485, Mustard Expeller (Dadri) 5,350, Mustard Pakki ghani (per tin) 715-870, Mustard kachi ghani (per tin) 870-970, Sunflower 6,300, Sesame mill delivery 5,950

soybean Refined mill delivery (Indore) 5,170 Soyabean degum (Delhi) 4,770, Crude Palm Oil (Ex-kandla) 4,170, Cottonseed mill delivery (Haryana) 4,650, Palmolein (RBD) 4,870, Rice bran (phy) 3,750 and Coconut (per tin) 1,050-1,080

Non-edible oils: Linseed 4,200, Mahuwa 4,050, Castor 7,750-7,850, Neem 3,800-3,900, 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) 1,025-1,050, Mustard 1,200-1,210 and Cottonseed 1,075-1,175