Edible oils rices up on millers buying

Jan 05 2013, 15:14 IST
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SummaryEdible oils showed strength in the wholesale oils and oilseeds market during the first week of 2013.

Edible oils showed strength in the wholesale oils and oilseeds market during the first week of 2013 on increased buying by vanaspati millers and

retailers to meet the coming wedding season demand.

Traders said sustained buying by vanaspati millers and retailers for the ensuing wedding season mainly led to rise in edible oil prices.

They said increased offtake by industrial units helped a few non-edible oils to trade higher.

In the national capital, groundnut mill delivery (Gujarat) oil rose by Rs 100 to Rs 12,300 per quintal, while groundnut solvent refined traded higher by Rs 25 to Rs

2,025-2,075 per tin.

Cottonseed mill delivery (Haryana) oil also moved up by Rs 100 to Rs 7,100 per quintal.

In line with a general firming trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils climbed by Rs 150 each to Rs 7,450 and Rs 7,000, while crude palm oil (ex-kandla) went up by Rs 100 to Rs 7,300 per quintal respectively.

Palmolein (RBD) and Palmolein (Kandla) oils too traded in positive zone with a gain of Rs 150 each to Rs 7,500 and Rs 7,000 per quintal respectively.

In the non-edible section, linseed oil which remained steady for the major part of week found scattered buying from paint industries and ended higher by Rs 50 to Rs 6,150 per quintal.

Neem oil edged up by Rs 50 to Rs 4,850-4,950 per quintal on increased industrial offtake.

GRAINS: Prices of rice basmati rose in the wholesale grains market during the past week on increased buying by stockists against restricted arrivals from producing belts.

However, wheat declined on adequate supplies and other bold grains showed mixed trend.

Marketmen said increased buying by stockists against limited arrivals from producing regions mainly influenced rice basmati prices.

Estimates of lower output in the kharif season of 2012-13 crop year (July-June) also supported the upside in rice basmati prices, they said.

Adequate stocks position against reduced offtake by flour mills mainly kept pressure on wheat, they added.

Meanwhile, concerned over surplus wheat stocks, the government's advisory body CACP has suggested the Centre to aggressively push exports of 10 million tonnes of wheat from the FCI godowns during the 2013-14 fiscal.

In the national capital, rice basmati common and Pusa-1121 climbed to Rs 6,900-7,000 and Rs 6,300-7,000 from previous week's close of Rs 6,500-6,600 and Rs 5,900-6,400 per quintal respectively on brisk buying by stockists.

On the other hand, wheat

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