Edible oils extend gain on rising demand, tight supply

In holiday shortened week, edible oils extended an upward trend at the wholesale oils and oilseeds market on increased buying by vanaspati millers to meet rising demand from retailers driven by festive season against tight supplies from producing belts.
Castor oil in the non-edible section, also showed some strength on increased offtake by consuming industries.
Markets remained closed on Monday for 'Independence Day' and Thursday for 'Raksha Bandhan'.
Marketmen said persistent buying by vanaspati millers and retailers triggered by ongoing festive season amid paucity of stocks on restricted supplies from producing regions mainly kept edible oil prices higher.
In the national capital, groundnut mill delivery (Gujarat) oil prices went up by Rs 300 to Rs 14,200 per quintal on day-to-day buying activity, while groundnut solvent refined held steady at Rs 1,980-2,030 per tin.

Mustard expeller (Dadri) oil moved up by Rs 100 to Rs 8,900 per quintal.

Palmolein (RBD) and palmolein (Kandla) oils were also in demand and gained Rs 100 each to Rs 6,100 and Rs 6,150, while crude palm oil (ex-kandla) remained unaltered at Rs 4,500 per quintal.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and edged up by Rs 50 each to Rs 6,900 and Rs 6,600 per quintal, respectively.
Among non-edible oils, castor oil traded higher by Rs 50 to Rs 9,850-9,950, while linseed oil remained steady at Rs 9,700 per quintal respectively.