Edible oil rises on global cues, local demand

Supported by a firming trend overseas and pick-up in demand, select edible oil prices strengthened up to Rs 50 per quintal on the wholesale oils and oilseeds market today.

In the non-edible section, neem oil also showed some strength on pick up in industrial demand.

Traders said apart from firming trend in Malaysian palm oil overseas, increased demand from local parties also influenced select edible oil prices at the wholesale market here.

Meanwhile, February contract rose by 1.4% to 3,106 ringgit ($989) per tonne on the Malaysian Derivatives Exchange on speculation that demand from China, the world's largest user of edible oils, would increase.

 

In the national capital, mustard expeller (Dadri) oil up Rs 20 to Rs 6,820 per quintal.

Crude palm oil (ex-kandla) traded Rs 50 higher at Rs 6,100 per quintal, while palmolein (RBD) and palmolein (Kandla) oils were up by Rs 30 each to Rs 6,680 and Rs 6,330 per quintal per quintal.

Coming to the non-edible segment, neem oil found increased demand from consuming industries and traded Rs 20 higher at Rs 3,920-4,020 per quintal.

The following were today's quotations per quintal: Oilseeds: Mustard Seed 2,550-2,680 and Groundnut Seed 2,125-2,875.

Vanaspati Ghee (15-litre tin) 1,040-1,080.

Edible oils: Groundnut Mill Delivery (Gujarat) 8,500, Groundnut Solvent Refined (per tin) 1,580-1,590, Mustard Expeller (Dadri) 6,820, Mustard Pakki Ghani (per tin) 920-1,075, Mustard Kachi Ghani (per tin) 1,075-1,175, Sunflower 6,300, Sesame Mill Delivery 6,600, Soybean Refined Mill Delivery (Indore) 6,750, Soyabean Degum (Kandla) 6,300, Crude Palm Oil (Ex-Kandla) 6,100, Cottonseed Mill Delivery (Haryana) 6,150, Palmolein (RBD) Rs 6,680, Palmolein (Kandla) 6,330, Rice Bran (phy) 3,800 and Coconut (per tin) 1,775-1,825.

Non-edible oils: Linseed 4,600, Mahuwa 4,000, Castor 8,300-8,400, Neem 3,920-4,020, Rice Bran 3,300-3,400 and Palm Fatty 3,225-3,300.

Oilcakes: Groundnut Dehusk 800-850, Sesame 950-1,150, Mustard (New) 1,000-1,025, Mustard 1,200-1,210 and Cottonseed 1,075-1,175.