NEW DELHI, June 1: Supported by a firming trend overseas and rising demand from vanaspati millers as well as retailers, select edible oils continued their upward journey in the wholesale oils and oilseeds market during the past week.
In line with overall trends, neem and rice oils, too strengthened on the back of increased offtake by consuming industries.
Sentiment in select edible oils remained firm on sustained buying by vanaspati millers and firm global trend where palm oil climbed on speculation that stockpiles in Malaysia may decline for the fifth month as output drops in the second-largest producer, traders said.
In the national capital, groundnut mill delivery (Gujarat) and mustard expeller oil (Dadri) oils gained Rs 100 each at Rs 10,100 and Rs 6,750 per quintal, respectively, while cottonseed mill delivery (Haryana) oils rose by Rs 50 to Rs 6,400 per quintal.
Mustard pakki and kachi ghani oils too showed some strength on local demand and traded higher by Rs 10 each at Rs 1,280-1,360 and Rs 1,365-1,465 per tin, respectively.
Sesame mill delivery oil prices also rose by Rs 100 to Rs 12,100 per quintal on increased demand.
Tracking a firming trend overseas, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils strengthened by Rs 50 each to Rs 7,450 and Rs 7,050 per quintal, respectively.
Palmolein (rbd) and palmolein (Kanala) oils followed suit and moved up by Rs 200 and Rs 250 to Rs 5,850 and Rs 5,400 per quintal, respectively. Crude Palm Oil (e-kandla) gained Rs 50 at Rs 4,900 per quintal.
In the non-edible section, neem and rice oils found increased buying support from consuming industries and gained Rs 100 and Rs 50 at Rs 5,150-5,250 and Rs 3,150-3,250 per quintal, respectively. (PTI)
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