Edible oils up on rising demand, tight stocks

Edible oil prices strengthened at the wholesale oils and oilseeds market during the week following rising demand from vanaspati millers coupled with tight supplies from producing belts amid firm global cues.

Linseed and castor oils in the non-edible section also showed strength on increased offtake by consuming industries.

Traders said besides surging demand from vanaspati millers and retailers, paucity of stocks due to fall in arrivals from producing regions and a firming trend overseas mainly kept edible oil prices higher.

In the national capital, sesame mill delivery oil rose by Rs 200 to Rs 10,500 per quintal.

Mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils also edged up by Rs 50 each to Rs 8,200 and Rs 7,800 per quintal respectively.

Tracking a firm trend overseas, palmolein (RBD) and palmolein (Kandla) oils too went up by Rs 100 each to Rs 6,850 and Rs 6,900 per quintal respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and traded higher by Rs 50 each to Rs 7,750 and Rs 7,350 per quintal respectively.

In the non-edible section, linseed oil moved up by Rs 100 to Rs 9,600 per quintal on pick up in demand from paint units.

Castor oil also enquired higher by Rs 200 to Rs 7,500-7,600 per quintal.