NEW DELHI, Feb 8: Edible oils rose for the fourth straight week at the oils and oilseeds market on sustained buying by vanaspati millers and retailers for the ongoing marriage season amid a firm global trend.
In the non-edible section, castor oil also moved up on increased offtake by consuming industries.
Traders said sustained buying by vanaspati millers and retailers to meet the ongoing marriage season demand mainly led an upward march in edible oil prices.
Firming global trend where palm oil advanced to the highest level in two weeks on speculation that dry weather in Brazil may reduce soybean output in the world’s biggest exporter further fuelled the uptrend, they said.
Meanwhile, palm oil climbed 0.7 per cent to USD 774 a tonne, the highest level at close since January 24, on the Malaysia Derivatives Exchange.
In the national capital, mustard expeller (Dadri) and cottonseed mill delivery (Haryana) advanced by Rs 100 each to Rs 7,400 and Rs 6,200 per quintal, respectively.
Coconut oil climbed to Rs 1,550-1,600 from the previous level of Rs 1,380-1,430 per tin.
Taking positive cues from overseas markets, palmolein (rbd) and palmolein (kandla) added Rs 100 each to Rs 6,500 and Rs 6,100, while crude palm oil (ex-kandla) traded higher by Rs 50 to Rs 5,150 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) followed suit and traded higher by similar margin to Rs 7,400 and Rs 7,100 per quintal, respectively.
In the non-edible section, castor oil rose by Rs 50 to Rs 9350-9450 per quintal on increased offtake by consuming industries. (AGENCIES)
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