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Edible oils remain up on millers buying

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Press Trust of India New Delhi
Edible oil prices rose further at the wholesale oils and oilseeds market during the week on increased buying by vanaspati millers and retailers against restricted arrival from producing belts.

Besides, a firming global trend supported the upside in edible oil prices.

Castor oil in the non-edible section, also edged higher on increased offtake by consuming industries.

Traders said increased buying by vanaspati millers and retailers driven by rising demand against restricted arrivals from producing belts, mainly kept edible oil prices higher.

They said a firming global trend, also influenced the sentiment to some extent.

Globally, palm oil futures edged up to USD 588 a tonne, on Bursa Malaysia Derivative Exchange during the week.
 

Meanwhile, country's palm oil imports rose by 25 per cent to 682,274 tonnes in March against the year-ago period due to cheaper shipments from Indonesia and Malaysia, solvent Extractors' Association (SEA) said today.

In the national capital, groundnut mill delivery (Gujarat) and cottonseed mill delivery (Haryana) oils strengthened by Rs 50 each to Rs 8,650 and Rs 5,550 per quintal, respectively.

Groundnut solvent refined ended higher by Rs 50 to Rs 1,550-1,600 per tin.

Mustard expeller (Dadri) oil also rose by a similar margin to Rs 7,150 per quintal.

Mustard pakki and kachi ghani oils also edged up by Rs 10 each to Rs 1,200-1,250 and Rs 1,250-1,350 per tin, respectively.

Tracking overseas markets, palmolein (rbd) and palmolein (Kandla) oils gained another Rs 50 each to Rs 5,500 and Rs 5,400 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and rose by Rs 50 each to Rs 6,600 and Rs 6,300 per quintal, respectively.

However, sesame mill delivery oil moved in a narrow range in limited deals and finished at last level of Rs 7,400 per quintal.

In the non-edible section, castor oil rose by Rs 50 to Rs 9,750-9,850 per quintal on increased offtake by consuming industries.

On the other hand, linseed oil moved in a narrow range in limited deals and settled at last level of Rs 8,250 per quintal.

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First Published: Apr 18 2015 | 12:07 PM IST

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