Edible oils strengthen on rising demand, global cues

Edible oil prices strengthened at the wholesale oils and oilseeds market during the first week of 2018 on the back of rising demand from vanaspati millers and retailers amid firm trend overseas.
Castor oil in the non-edible section, however, eased owing to reduced offtake by consuming industries.
Traders said apart from rising demand from vanaspati millers and retailers, paucity of stocks on fall in supplies from producing regions and firm global cues mainly led to the rise in edible oil prices.
Globally, the benchmark palm oil contract for March hit a one-month high of 2,615 ringgit (USD 655.06) per tonne on the Bursa Malaysia Derivatives Exchange and settled at 2,594 ringgit.

In the national capital, mustard expeller (Dadri) oil edged up by Rs 50 to Rs 8,050 per quintal.
Sesame mill delivery and cottonseed mill delivery (Haryana) oils went up by Rs 100 each to Rs 8,700 and Rs 6,800 per quintal, respectively.

Tracking a firm trend overseas, palmolein (RBD) and palmolein (Kandla) also rose by Rs 50 each to Rs 6,300 and Rs 6,350 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils too enquired higher by a similar margin to Rs 7,450 and Rs 7,050 per quintal, respectively.
Crude palm oil (ex-kandla) moved up by Rs 100 to Rs 5,100 per quintal.

In the non-edible section, castor oil declined by Rs 100 to Rs 8,400-8,500 per quintal, while linseed oil held steady at Rs 8.900 per quintal.