Edible oils recover on global cues

Edible oil prices recovered on the wholesale oils and oilseeds market during the past week.

Edible oil prices recovered on the wholesale oils and oilseeds market during the past week on fresh buying by vanaspati millers and retailers,supported by the ongoing marriage season amid a firming global trend. A few oils in the non-edible section,also saw good demand on the back of increased offtake by industrial units and other consuming industries.

Trading sentiments in edible oils turned better as palm oil climbed to the highest level in more than a week in global markets after crude advanced,raising the appeal of vegetable oils as a biofuel feedstock.

Meanwhile,palm oil added 1.4 per cent to $1,027 a tonne on the Malaysia Derivatives Exchange,the highest closing level since June 29.

Besides,pick-up in retailers demand in view of the ongoing marriage season further supported the uptrend in edible oil prices.

In the national capital,groundnut mill delivery oil gained the most by rising Rs 200 to Rs 8,400 per quintal,while groundnut solvent refined moved up by Rs 25 to Rs 1,425-1,435 per tin.

Mustard expeller oil (Dadri) rose by Rs 20 to Rs 5,700. Sesame and cottonseed mill delivery oils traded higher by the same margin to Rs 6,170 and Rs 5,460 per quintal,

respectively.

Taking cues from overseas market,palmolein (rbd) and palmolein degum (Kandla) oils jumped up by Rs 100 each to Rs 5,750 and Rs 5,450 per quintal,respectively.

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Crude palm oil (ex-kandla) oil moved up by Rs 50,while soyabean refined mill delivery (Indore) and soyabean degum (kandla) traded higher by Rs 50 each to Rs 6,200 and Rs 5,800 per quintal,respectively.

In the non-edible section,linseed oil found scattered buying support from paint’s industries and went up by Rs 50 to Rs 4,600 per quintal.

Neem oil also traded higher by the same margin to Rs 4,100-4,200 per quintal.

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