NEW DELHI, Feb 22: Edible oil prices strengthened on the oils and oilseeds market during the past week due to sustained buying by vanaspati millers and retailers for the ongoing wedding season amid a firming global trend.
However, non-edible oils held steady in restricted buying by consuming industries.
Traders said continued buying by vanaspati millers as well as retailers to meet ongoing wedding season demand mainly attributed persistent rise in edible oil prices.
Firming global trend where palm oil advanced on speculation that exports from Malaysia, the world’s biggest producer after Indonesia, will climb this month because of rising demand from India and China, also supported the uptrend, they said.
Meanwhile, palm oil rose by 3.4 per cent this week at 836 dollar a metric tonne on the Malaysia Derivatives Exchange.
In the national capital, mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils rose by by Rs 50 each to Rs 7,500 and Rs 6,300, while sesame mill delivery oil shot up by Rs 100 to Rs 11,600 per quintal respectively.
Taking positive cues from overseas markets, palmolein (rbd) and palmolein (kandla) oils added Rs 50 each to Rs 6,650 and Rs 6,300, while crude palm oil (ex-kandla) gained Rs 100 to Rs 5,400 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) followed suit and traded higher by Rs 50 each to Rs 7,550 and Rs 7,300 per quintal, respectively.
In line with a general trend, coconut oil which remained steady for the major part of week ended higher by Rs 50 to Rs 1,700-1,750 per tin.
However, groundnut mill delivery (Gujarat) met with increased arrivals from producing region and lost Rs 200 at Rs 7,500 per quintal, while groundnut solvent refined shed Rs 50 to Rs 1,900-1,950 per tin. (AGENCIES)
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