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Edible oils strengthen on sustained buying, firm global cues

Dec 29 2012, 13:16 IST
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SummaryHowever, non-edible oils moved in a narrow range in scattered deals and settled around previous levels.

Edible oils strengthened in the wholesale oils and oilseeds market during the past week on increased buying by vanaspati millers and retailers in tandem with a firming global trend.

However, non-edible oils moved in a narrow range in scattered deals and settled around previous levels.

Traders said increased buying by vanaspati millers and retailers mainly helped edible oils to strengthen.

Meanwhile, palm oil futures added 3.7 per cent this week on the Malaysia Derivatives Exchange.

In the national capital, mustard expeller (Dadri) and sesame oils, which remained steady during major part of week, ended higher by Rs 25 and Rs 50 to Rs 8,425 and Rs 9,050 per quintal respectively.

Cottonseed mill delivery (Haryana) oil also rose by Rs 50 to Rs 7,000 per quintal.

Tracking a firming global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils advanced by Rs 150 each to Rs 7,300 and Rs 6,850, while crude palm oil (ex-kandla) gained Rs 50 to Rs 7,200 per quintal respectively.

Palmolein (RBD) and Palmolein (Kandla) oils also moved up by Rs 150 each to Rs 7,350 and Rs 6,850 per quintal respectively.

GRAINS: The wholesale grains market ended on a better note during the past week as wheat, rice basmati and a few other bold grains closed higher on increased buying by flour mills and stockists.

Marketmen said fresh buying from flour mills helped wheat prices to trade higher.

Meanwhile, the government raised wheat MSP by Rs 65 per quintal to Rs 1,350 per quintal.

They said stockists buying against limited arrivals led to rise in rice basmati and other bold grain prices.

In the national capital, wheat dara (for mills) rose by Rs 20 to Rs 1,595-1,600 per quintal, while atta chakki delivery followed suit and traded higher by the same margin to Rs 1,600-1,605 per 90 kg.

In rice section, rice basmati common and Pusa-1121 which remained steady during the major part of week, found fresh buying support from stockists and finished higher by Rs 100 each to Rs 6,500-6,600 and Rs 5,900-6,400 per quintal.

Other bold grain like, bajra rose by Rs 20 to Rs 1,360-1,365 and maize edged up to Rs 1,500-1,530 from previous level of Rs 1,475-1,525 per quintal respectively. Pulses: A weak trend prevailed on the wholesale pulses market during the past week with prices of select pulses, led by arhar and gram, sliding on sluggish demand at prevailing higher levels against adequate stocks position.

Traders

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