Palmolein, soyabean oils rise on global cues

Select edible oil prices rose by Rs 50 per quintal on the wholesale oils and oilseeds market today on millers and retailers buying amid a firming global trend.
Linseed oil in the non-edible section, also rose on increased demand from consuming industries.
Marketmen said increased buying by millers and retailers amid a firming global trend as the depreciation of the Malaysian currency increased the appeal of ringgit-denominated commodity, mainly boosted the sentiment.
Meanwhile, palm oil for March delivery rose 0.7 per cent to USD 806 a metric tonne on the Malaysia Derivatives Exchange.
In the national capital, palmolein (rbd) and palmolein (Kandla) oils rose by Rs 50 each at Rs 6,600 and Rs 6,200 per quintal, respectively, on global cues.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and gained Rs 50 each to Rs 7,600 and Rs 7,300 per quintal, respectively.
In the non-edible section, linseed oil rose by Rs 50 to Rs 7,150 per quintal.