Select edible oils rise on millers buying, global cues

Select edible oil prices firmed up at the wholesale oils and oilseeds market during the first week of the New Year on the back of increased buying by vanaspati millers and retailers, triggered by rising demand.
Besides, a firming trend global markets also influenced the sentiments.
A few oils, in the non-edible section, also showed some strength on increased offtake by consuming industries.
According to marketmen, increased buying by vanaspati millers and retailers to meet seasonal demand and a firming global trend due to floods that hurt palm oil production across Malaysia mainly influenced the sentiment here.
Meanwhile, palm oil for March delivery remained firm and extended gains by 1.5 per cent to USD 650 a metric tonne this week on Bursa Malaysia Derivatives.

In the national capital, Groundnut mill delivery (Gujarat) oils remained in demand and added Rs 100 to Rs 8,250 per quintal. Cottonseed mill delivery (Haryana) which remained steady for the major part of week, ended higher by Rs 50 to Rs 5,700 per quintal.

Taking positive cues from global markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils advanced by Rs 100 each to Rs 6,750 and Rs 6,450 while crude palm oil (ex-kandla) edged up by Rs 50 to Rs 4,200 per quintal, respectively.
Palmolein (rbd) and palmolein (Kandla) oils followed suit and improved by Rs 100 each to Rs 5,900 and Rs 5,700 per quintal, respectively.

On the the other hand, mustard expeller (Dadri) oil met with some resistance and shed Rs 50 at Rs 7,850 per quintal. Mustard pakki and kachi ghani oils held steady at Rs 1,250-1,300 and Rs 1,300-1,400 per tin, respectively.
Sesame mill delivery oil moved in a narrow range in limited deals and settled at last level of Rs 7,800 per quintal.
In the non-edible section, castor oil traded higher by Rs 50 to Rs 9,700-9,800 per quintal on increased industrial offtake.
Linseed oil also went up by Rs 150 to Rs 8,300 per quintal on increased demand from paint industries.