Edible oils remain up on seasonal demand, global cues

Edible oils maintained an upward march for yet another week at the oils and oilseeds market on persistent buying by vanaspati millers and retailers to meet ongoing marriage season demand amid a firming global trend.
A few oils in the non-edible section, also showed strength on increased offtake by consuming industries.
Traders said persistent buying by vanaspati millers and retailers for the ongoing marriage season mainly attributed persistent rise in edible oil prices.
Firming global trend where palm oil rose on concern that falling output in Indonesia and Malaysia will trim global inventories of the commodity, further fuelled the uptrend, they said.

Globally, palm oil gained 3.4 per cent this week at USD 807 a tonne on Malaysia Derivatives Exchange.
Meanwhile, vegetable oil imports fell by 22 per cent in January to 9.05 lakh tonnes due to sharp fall in shipments of crude palm oil, according to industry data.

In the national capital, mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils rose by Rs 50 each to Rs 7,450 and Rs 6,250 per quintal respectively. Coconut oil prices shot up by Rs 100 to Rs 1,650-1,700 per tin.
Tracking a firming global trend, palmolein (rbd) and palmolein (kandla) oils advanced by Rs Rs 100 and 150 to Rs 6,500 and Rs 6,250, while crude palm oil (ex-kandla) traded higher by Rs 150 to Rs 5,300 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) followed suit and gained Rs 100 and Rs 150 to Rs 7,500 and Rs 7,250 per quintal, respectively.
In the non-edible section, castor oil added Rs 50 to Rs 9,400-9,500 per quintal on increased industrial offtake.
Linseed and neem oil moved up by Rs 50 and Rs 20 to Rs 7,450 and Rs 5,300-5,400 per quintal, respectively.