Commodities prices: Edible oils rise

Nov 24 2012, 12:34 IST
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Weak conditions developed on the wholesale pulses market during the past as select pulses fell on sluggish demand at prevailing higher levels amid increased supplies.  (Reuters) Weak conditions developed on the wholesale pulses market during the past as select pulses fell on sluggish demand at prevailing higher levels amid increased supplies. (Reuters)
SummaryEdible oil prices rose on the wholesale oils and oilseeds market during the past week.

Edible oil prices rose on the wholesale oils and oilseeds market during the past week on the back of increased buying by vanaspati millers, driven by the ongoing wedding season.

A few oils in the non-edible section, also moved up on increased offtake by consuming industries.

Traders said fresh buying by vanaspati millers and retailers to meet the wedding season demand mainly led to rise in wholesale edible oil prices.

They said firm demand from consuming industries against restricted arrivals from producing belts influenced prices of select non-edible oils.

In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils rose by Rs 200 and Rs 100 to Rs 11,900 and Rs 8,300 per quintal, respectively.

Mustard pakki and kachi ghani oils traded higher by Rs 10 each to Rs 1,240-1,380 and Rs 1,395-1,495 per tin, respectively.

Sesame and cottonseed mill delivery (Haryana) oils which remained steady for the major part of week, met with fag-end buiying and ended higher by Rs 50 each at Rs 8,750 and Rs 6,950 per quintal, respectively.

In line with a general firming trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils moved up by Rs 50 each to Rs 7,150 and Rs 6,750, while crude palm oil (ex-kandla) shot up by Rs 200 to Rs 7,100 per quintal.

Palmolein (rbd) and Palmolein (Kandla) oils too seen in demand and gained Rs 50 each at Rs 7,250 and Rs 6,800 per quintal, respectively.

In the non-edible section, linseed oil rose by Rs 50 to Rs 5,900 per quintal on fresh enquiries from paint industries.

Neem oil went up by the same margin to Rs 4,650-4,750 per quintal on increased demand from soap manufacturers.

Grains: Rice basmati and other bold grains rose smartly on the wholesale grains market during the week on persistent buying by stockists driven by pick up in demand from stockists and retailers to meet rising demand.

However, wheat eased on adequate supplies against reduced offtake by flour mills and other bulk consumers.

Meanwhile, Food Corporation of India has asked the state governments to release nearly 2.7 million tonnes of wheat to bulk consumers, such as flour mills and biscuit makers, to control retail prices.

Traders said persistent buying by stockists for the wedding season mainly led to an upswing in rice basmati and other bold grain prices.

Adequate stocks following increased arrivals from producing regions against

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