Edible oils price strengthen on festive demand, global cues

Oct 20 2012, 13:16 IST
Comments 0
SummaryEdible oil prices strengthened for the second straight week in the wholesale oils and oilseeds market.

Edible oil prices strengthened for the second straight week in the wholesale oils and oilseeds market on sustained buying by vanaspati millers and retailers to meet ongoing festive season demand amid a firm global trend.

Non-edible oils also moved up on increased demand from consuming industries.

Traders said increased buying by vanaspati millers and retailers to meet the ongoing festive and marriage season demand against restricted arrivals from producing belts mainly influenced edible oil prices.

Besides, firming global trend where palm oil climbed to over one-week high on speculation that China, the biggest cooking oil user, will boost imports and signs of increasing demand, also bolstered the trading sentiment, they said.

Palm oil for January delivery climbed to USD 819 a tonne on the Malaysia Derivatives Exchange, the highest level since October 11.

Meanwhile, the government extended ban on export of edible oils until further orders, but exempted foreign shipments of edible oil in branded consumer packs with a ceiling of 20,000 tonnes.

In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils rose by Rs 100 each to Rs 11,850 and Rs 8,300 per quintal, respectively on increased retailers demand.

Sesame and cottonseed mill delivery (Haryana) oils also attracted brisk buying by vanspati millers for the ongoing festive season and gained Rs 100 each to Rs 8,700 and Rs 7,200 per quintal, respectively.

Tracking a firming global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils moved up by Rs 50 each to Rs 7,500 and Rs 7,100, while crude palm oil (ex-kandla) traded higher by the same margin to Rs 7,300 per quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils too traded in positive zone with a rise of Rs 50 each at Rs 7,650 and Rs 7,200 per quintal, respectively.

In line with a general firming trend, coconut oil rose by Rs 50 to Rs 1,350-1,400 per tin.

In the non-edible section, linseed oil shot up by Rs 100 to Rs 5,750 per quintal on increased demand from paint industries. Castor oil traded higher by Rs 100 to Rs 8,650- 8,750 per quintal on increased industrial offtake.

Neem oil found fresh buying support from soap units and edged higher by Rs 50 to Rs 4,600-4,700 per quintal.

Grains: Rice basmati fell on the wholesale grains market during the past week on increased supplies from producing belts against reduced offtake.

Single Page Format
Ads by Google

More from Commodities

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...