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Edible oil strengthens on millers buying

Press Trust of India  |  New Delhi 

Supported by increased buying by vanaspati millers amid restricted supplies from producing belts, wholesale edible prices rose further at and oilseeds market here during the week.

A few oils in the non-edible section also depicted a firm trend backed by pick up in demand from consuming industries.

Marketmen said persistent buying by vanaspati millers to meet rising demand from retailers coupled with restricted supplies from producing belts mainly kept edible prices higher.

Firming trend overseas also influenced the sentiment, they said.

Meanwhile, India, the world's leading vegetable oil buyer, imported 13.61 lakh tonnes of the commodity in August, up about 21 per cent from the year-ago period, industry body SEA said.

In the national capital, groundnut mill delivery (Gujarat) and cottonseed mill delivery (Haryana) oils rose by Rs 100 and Rs 50 to Rs 8,100 and Rs 6,450 per quintal respectively.

Palmolein (RBD) and palmolein (Kandla) oils also shot up by Rs 250 each to Rs 6,050 and Rs 6,100 per quintal.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils too shot up by Rs 100 each to Rs 6,900 and Rs 6,500 per quintal.

In the non-edible section, linseed oil edged up by Rs 50 to Rs 8,800 per quintal on fresh enquiries from paint industries.

Castor oil also surged by Rs 300 to Rs 9,300-9,400 per quintal on increased industrial offtake.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, September 16 2017. 13:07 IST