NEW DELHI, Mar 1: Edible oil prices rose at the oils and oilseeds market during the past week on heavy buying by vanaspati millers and retailers on rising demand for the ongoing marriage season and a firming global trend.
A few oils in the non-edible section also strengthened on increased demand from consuming industries.
Markets remained closed on Thursday on account of “Mahashivratri”.
Traders said increased buying by vanaspati millers for the ongoing wedding season led to the rise in edible oil prices.
Firming global trend where palm oil advanced to its highest level in more than 17 months on speculation that inventories may decrease in Malaysia also influenced the sentiment, they said.
Meanwhile, palm oil rose 9.8 per cent this month, the biggest advance since October at the Malaysia Derivatives Exchange.
In the national capital, mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils advanced by Rs 50 each to Rs 7,550 and Rs 6,350 per quintal, respectively while sesame mill delivery held steady at Rs 11,600 per quintal.
Tracking a firming global trend, palmolein (rbd) and palmolein (kandla) oils shot up by Rs 200 each to Rs 6,850 and Rs 6,500 per quintal, respectively. Crude palm oil (ex-kandla) traded higher by Rs 150 to Rs 5,550 per quintal.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) followed suit and gained Rs 150 each to Rs 7,700 and Rs 7,450 per quintal, respectively. Coconut oil also ended higher by Rs 50 to Rs 1,750-1,800 per tin.
However, groundnut mill delivery (Gujarat) moved in a narrow range in limited deals and settled at previous level of Rs 7,500 per quintal.
In the non-edible section, castor and linseed oils rose by Rs 100 each to Rs 9,500-9,600 and Rs 7,550 per quintal, respectively on increased demand from consuming industries such as soap and paint makers. (AGENCIES)
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