Select edible oils trend up as buying picks up

Select edible oils continued to move up for yet another week at the wholesale oil and oilseed market largely supported by increased buying by vanaspati millers and retailers to meet festive and wedding season demand against tight supplies from producing belts.
A few oil types in the non-edible section also showed strength on stronger demand from consuming industries.
Traders said increased buying support from vanaspati millers and retailers, triggered by festive and wedding against tight arrivals, mainly kept select edible oil prices higher.
Meanwhile, the government extended by one year the control order under the Essential Commodities Act to allow the states to take steps to curb unscrupulous trading and hoarding of edible oils and oilseeds.

In the national capital, mustard expeller (Dadri) oil strengthened by Rs 200 to Rs 7,900 per quintal on pick-up in local party demand. Mustard pakki and kachi ghani oils were up by Rs 25 each to Rs 1,325-1,375 and Rs 1,375-1,475 per tin, respectively.
Cottonseed mill delivery (Haryana) oil advanced by Rs 150 to Rs 5,900 per quintal.

Groundnut mill delivery (Gujarat) oil after moving narrowly on alternate bouts of buying and selling finally settled higher by Rs 50 to Rs 9,100 per quintal.
In line with the overall trend, palmolein (RBD) and palmolein (Kandla) oils also rose Rs 100 each to Rs 5,550 and Rs 5,450, respectively, while crude palm oil (ex-Kandla) held steady at Rs 4,200 per quintal.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils too ended in the positive zone with a rise of Rs 50 each to Rs 6,550 and Rs 6,250 per quintal, respectively.
In the non-edible section, linseed oil found fresh buying support from paint industries and finished higher by Rs 50 to Rs 8,550 per quintal. Castor oil also edged up by a similar margin to Rs 9,850-9,950 per quintal on increased industrial offtake.