Edible oils strengthen on millers buying, global cues

Edible oils extended gains on the wholesale oils and oilseeds market during the week under review following sustained buying by vanaspati millers and retailers amid a firming global trend.
A few oils in the non-edible section also moved up on increased demand from consuming industries.
Marketmen said persistent buying by vanaspati millers and retailers to meet rising demand kept edible oils prices higher for yet another week.
They said a firming global trend where palm oil posted a second weekly advance as the depreciation of the Malaysian currency increased the appeal of ringgit-denominated commodity further fuelled the uptrend.
Globaly, palm oil gain 1.9 per cent at USD 800 a metric tonne on the Malaysia Derivatives Exchange this week.

In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils advanced by Rs 100 each to Rs 8,150 and Rs 7,500, while cottonseed mill delivery (Haryana) gained 50 to Rs 6,450 per quintal respectively.

Tracking a firming global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils spurted by Rs 100 each to Rs 7,500 and Rs 7,200 per quintal, respectively.
Palmolein (rbd) and palmolein (Kandla) oils followed suit and added Rs 150 each to Rs 6,600 and Rs 6,200,while crude palm oil (ex-kandla) traded higher by Rs 100 to Rs 5,500 per quintal respectively. Coconut oil rose by Rs 20 to Rs 1,380-1,430 per tin.

In the non-edible section, linseed oil on the back of strong demand from paint industries, ended Rs 50 higher at Rs 7,150 per quintal.
Castor and neem oils also moved up by Rs 100 and Rs 50 to Rs 9,400-9,500 and Rs 5,300-5,400 per quintal respectively on increased industrial offtake.