Edible oils recover on pick up in demand, global cues

Prices of select edible oils recovered at the wholesale oils and oilseeds market during the week on the back of pick up in demand from vanaspati millers and retailers amid a firming global trend.
Castor oil in the non-edible section also showed some strength on increased offtake by consuming industries.
Trading activity was restricted as market remained closed on Friday on account of "Holi."
Traders said besides rising demand from vanaspati millers and retailers, restricted supplies from producing regions and a firm global trend mainly led to the rise in edible oil prices.
Meanwhile, palm oil climbed to 2,400 ringgit a tonne, the highest price since July on Bursa Malaysia Derivatives.

In the national capital, groundnut mill delivery (Gujarat), mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils were up by Rs 50 each to Rs 8,600,

Rs 7750 and Rs 5,850 per quintal respectively.
Sesame mill delivery oil which remained steady for the major part of week, met with fag-end buying and closed higher by Rs 50 to Rs 7,450 per quintal.
Taking positive cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also rose by Rs 50 each to Rs 6,750 and Rs 6,450 per quintal, respectively.
Palmolein (rbd) and palmolein (Kandla) oils too ended higher by a similar margin to Rs 5,750 and Rs 5,600 per quintal, respectively.

In the non-edible section, castor oil found fresh buying support from consuming industries and moved up by Rs 50 to Rs 9,750-9,850 per quintal.