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New Delhi: Extending its upward march for the fourth straight week, edible oils recorded further gains on the wholesale oils and oilseeds market on the back of rising demand from vanaspati millers and retailers, driven by marriage season and firming global trends.
However, non-edible oils moved in a tight range in the absence of any worthwhile activity and settled around previous levels.
Markets remained closed on Saturday on account of "Id-ul-Zuha".
Trading sentiments remained firm as Malaysian palm oil rose for the fourth week in a row to the three-month highs on signs that global demand for edible oils continues to strengthen.
Meanwhile, palm oil futures for February-delivery settled higher at 2,482 ringgit (733 dollar) a tonne on the Malaysia Derivatives Exchange, the highest close since August 13.
Marketmen said apart from firming global trends, increased buying by vanaspati millers and retailers on account of marriage season also led to rise in wholesale edible oil prices in the national capital.
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