Edible oils remain higher on sustained buying by millers

Edible oils maintained an upward trend for yet another week at the wholesale oils and oilseeds market on persistent buying by vanaspati millers and retailers, driven by ongoing festive and wedding season amid restricted supplies from producing belts.
However, castor oil in the non-edible section, eased on lack of buying support from consuming industries.
Traders said sustained buying from vanaspati millers and retailers to meet ongoing festive and wedding season demand amid restricted supplies from producing regions, mainly kept edible oil prices higher.
Meanwhile, government hiked import duty on edible oil by 5 per cent in a bid to safeguard the domestic industry.

Duty on crude edible oil has been increased from 7.5 per cent to 12.5 per cent and on refined edible oil from 15 to 20 per cent.
In the national capital, groundnut mill delivery (Gujarat) oil which remained steady for the major part of week, met with fag-end buying and ended higher by Rs 50 to Rs 9,050 per quintal.

Groundnut solvent refined edged up by Rs 25 to Rs 1,700-1,750 per tin, mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils strengthened by Rs 50 and Rs 20 to Rs 7,700 and Rs 5,750 per quintal respectively.
Palmolein (rbd) and palmolein (Kandla) oils advanced by Rs 50 each to Rs 5,450 and Rs 5,350, while crude palm oil (ex-kandla) traded higher by a similar margin to Rs 4,200 per quintal respectively on global cues.

On the other hand, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils moved in a narrow range in limited deals and settled steady at Rs 6,500 and Rs 6,200 per quintal respectively.
In the non-edible section, castor oil lacked necessary buying support from consuming industries and declined by Rs 50 to Rs 9,800-9,900 per quintal, while linseed oil maintained a steady trend at 8,500 per quintal throughout the week.