Edible oils strengthen on global cues

Edible oil prices strengthened by Rs 50 per quintal on the wholesale oils and oilseeds market today on increased buying by millers amid a firming global trend.
Castor oil in the non-edible section, also went up on increased demand from consuming industries.
Marketmen said increased demand from millers and retailers and a firming global trend as a weaker Malaysian currency boosted the outlook for exports mainly influenced select edible oil prices.
Meanwhile, palm oil for March delivery gained 0.6 per cent to USD 800 a metric tonne on the Malaysia Derivatives Exchange.
In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils advanced by Rs 50 each to Rs 8,150 and Rs 7,500, while cottonseed mill delivery (Haryana) oil traded higher by the same margin to Rs 6,450 per quintal, respectively.

Tracking a firming global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils added by Rs 50 each to Rs 7,550 and Rs 7,250 per quintal, respectively.
Palmolein (rbd) and palmolein (Kandla) oils followed suit and gained Rs 50 each to Rs 6,600 and Rs 6,200 per quintal, respectively.
In the non-edible section, castor advanced by Rs 50 each to Rs 9,400-9,500 per quintal.