NEW DELHI, Nov 2: Amid rising seasonal demand and firming trend overseas, edible oils extended gains for the fourth straight week and registered gains up to Rs 500 a quintal at the wholesale oils and oilseeds market during the past week.
A few oils in the non-edible section, also strengthened on increased demand from consuming industries.
Traders said besides rising demand driven by ongoing festive and wedding season, a firming global trend where palm oil advanced on speculation that rain may have reduced production in top suppliers Indonesia and Malaysia, mainly boosted the sentiment here.
Meanwhile, palm flared 7.3 per cent at USD 827 a tonne on the Malaysia Derivatives Exchange.
In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oil rose by Rs 100 and Rs 150 to Rs 8,700 and Rs 7,400 per quintal, respectively on rising retailers demand.
Groundnut solvent refined edged up by Rs 10 to Rs 2,000- 2,050, while mustard pakki and kachi ghani oils were traded higher by Rs 20 each to Rs 1,280-1,360 and Rs 1,365-1,465 per tin, respectively.
Sesame mill delivery and cottonseed mill delivery (Haryana) oils also attracted buying support from vanaspati millers and shot up by Rs 500 and Rs 100 to Rs 9,700 and Rs 6,600 per quintal, respectively.
Tracking a firming global trend, soyabean refined mill delivery (Indore)and soyabean degum (Kandla) oils advanced by Rs 300 each to Rs 7,400 and Rs 7,100, while crude palm oil (ex-kandla) traded higher by Rs 100 to Rs 5,500 per quintal, respectively.
Palmolein (rbd) and palmolein (Kandla) oils followed suit and gained Rs 250 each to Rs 6,500 and Rs 6,100 per quintal, respectively.
In the non-edible section, linseed remained in paint industries demand and shot up by Rs 150 to Rs 6,750 per quintal.Castor and neem oils moved up by Rs 50 and Rs 100 to Rs 9,350-9,450 and Rs 5,200-5,300 per quintal respectively on increased industrial offtake. (PTI)
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