Select edible oils rise on fresh millers' buying

Select edible oil prices went up at the wholesale oils and oilseeds market during the week on emergence of buying by vanaspati millers against restricted supplies.

However, palmolein oil finished lower due to slackened demand.

Castor oil in the non-edible section, slipped due to reduced offtake by consuming industries.

Marketmen said besides pick up in demand from vanaspati millers and retailers, tight stocks position on fall in arrivals from producing regions mainly attributed the rise in select edible oil prices.

Meanwhile, the centre on Thursday raised the import duty by 5-10 per cent on non-palm edible oils, both crude and refined ones in order to protect the interest of domestic oilseeds growers and processors.

In March, the government had raised the import duty on crude palm oils from 30 per cent to 44 per cent, while that on refined palm oils to 54 per cent from 40 per cent.

In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils edged up by Rs 50 each to Rs 8,250 and Rs 7,750 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also finished higher by a similar margin to Rs 7,650 and Rs 7,250 per quintal, respectively.

On the other hand, palmolein (RBD) and palmolein (Kandla) oils shed Rs 50 each at Rs 7,150 and Rs 7,200 per quintal, respectively.

However, sesame mill delivery and cottonseed mill delivery (Haryana) oils moved in a narrow range in limited deals and ended at previous levels of Rs 9,500 and Rs 7,200 per quintal, respectively.

In the non-edible section, castor oil eased by Rs 100 to Rs 7,000-7,100, while linseed oil held steady at Rs 8,900 per quintal respectively during the period.