Select edible oils strengthen on sustained buying, global cues

Select edible oil prices strengthened by Rs 50 per quintal at the oils and oilseeds market today on sustained buying by vanaspati millers for the marriage season amid a firming global trend.
However, non-edible oils moved in a narrow range in scattered deals and settled around previous levels.
Marketmen said sustained buying by vanaspati millers for the marriage season amid a firming global trend where palm oil traded near the highest level in more than two weeks on speculation that a weakening ringgit may bolster prospects for exports from Malaysia, mainly boosted the sentiment.
Meanwhile, palm oil rose 0.7 per cent to USD 778 a tonne on the Malaysia Derivatives Exchange.

In the national capital, palmolein (rbd) and palmolein (Kandla) oils advanced by Rs 50 each to Rs 6,450 and Rs 6,050, while crude palm oil (ex-kandla) traded higher by the same margin to Rs 5150 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also added Rs 50 each to Rs 7,250 and Rs 6,950 per quintal, respectively.