Edible oil recovers on buying by millers, global cues

Edible oil prices recovered at the wholesale oils and oilseeds market during the week on emergence of buying by vanaspati millers and retailers at prevailing levels amid a firm global trend.
Castor oil in the non-edible section, also edged up on increased offtake by consuming industries.
Traders said, pick up in buying by vanaspati millers and retailers at existing levels against restricted arrivals from producing belts amid a firm global trend, mainly led to the recovery in edible oil prices.
Meanwhile, palm oil futures climbed to 2,139 ringgit (USD 585) per tonne on Bursa Malaysia Derivatives during the week.
In the national capital, groundnut mill delivery (Gujarat) and cottonseed mill delivery (Haryana) oils gained Rs 50 each to Rs 8,600 and Rs 5,500 per quintal, respectively.

Mustard expeller (Dadri) oils, in line with overall trends, also moved up by Rs 100 to Rs 7,100 per quintal.

Tracking overseas markets, palmolein (rbd) and palmolein (Kandla) oils edged up by Rs 50 each to Rs 5,450 and Rs 5,350 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and gained Rs 50 each to Rs 6,550 and Rs 6,250 per quintal, respectively.
In the non-edible section, castor oil shot up by Rs 100 to Rs 9,700-9,800 per quintal on increased offtake by consuming industries, while linseed oil shed Rs 50 at Rs 8,250 per quintal on lack of demand from paint industries.