Select edible oils strengthen on global cues

Select edible oil prices rose by Rs 50 per quintal at the wholesale oils and oilseeds market today on increased buying by vanaspati millers amid a firming global trend.
In the non-edible section, linseedoil also moved up on increased demand from paint industries.
Traders said increased buying by vanaspati millers amid a firming global trend where palm oil traded at nearly 17-month high on concern that dry weather may curb output in Malaysia and Indonesia, the world's biggest producers of the oil, supported the uptrend.
Meanwhile, palm oil for May delivery increased 0.8 per cent to USD 862 a tonne on the Malaysia Derivatives Exchange.

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils advanced by Rs 50 each to Rs 7,800 and Rs 7,550 per quintal, respectively on global cues.
Palmolein (rbd) and palmolein (Kandla) oils followed suit and traded higher by the same margin to Rs 6,950 and Rs 6,600 per quintal, respectively.
In the non-edible section, linseedoil rose by Rs 50 to Rs 7,600 per quintal.