Select edible oils strengthen on millers buying, tight supply

Select edible oil prices strengthened at the wholesale oil and oilseeds market during the week on increased buying by vanaspati millers, driven by rising demand from retailers against tight supplies.

Castor oil in the non-edible section, also turned costlier on the back of increased offtake by consuming industries.

Traders said increased buying by vanaspati millers to meet rising demand from retailers against tight stocks position on fall in supplies from producing regions, mainly kept select edible oil prices higher.

In the national capital, groundnut mill delivery Gujarat) oil rose by Rs 100 to Rs 8,500 per quintal, while groundnut solvent refined held steady at Rs 1,700-1,800 per tin.

Palmolein (RBD) and palmolein (Kandla) oils also went up by Rs 100 each to Rs 7,250 and Rs 7,300, while crude palm oil (ex-kandla) oil traded higher by a similar margin to Rs 5,500 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils too edged up by Rs 50 each to Rs 7,650 and Rs 7,250 per quintal, respectively.

However, sesame mill delivery and cottonseed mill delivery (Haryana) oils moved in a narrow range on little doing and settled at the previous levels of Rs 9,000 and Rs 6,900 per quintal, respectively.

In the non-edible section, castor oil got buying support from consuming industries and ended higher by Rs 200 to Rs 7,200-73,00 per quintal.