Weekly market report: Select edible oils up in mixed trade

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The oils and oilseeds market ended on a mixed note during the past week with select edible oil prices rising on the back of pick up in demand while a few others remained weak in tandem with weak trend overseas. (Reuters) The oils and oilseeds market ended on a mixed note during the past week with select edible oil prices rising on the back of pick up in demand while a few others remained weak in tandem with weak trend overseas. (Reuters)
SummaryThe oils and oilseeds market ended on a mixed note during the past week with select edible oil prices rising on the back of pick up in demand while a few others remained weak in tandem with weak trend overseas.

The oils and oilseeds market ended on a mixed note during the past week with select edible oil prices rising on the back of pick up in demand while a few others remained weak in tandem with weak trend overseas.

On the other hand, non-edible oils after moving in a narrow range in limited deals, settled around previous levels.

Market remained closed on Wednesday on account of 'Guru Nanak Jayanti'.

Traders said increased demand from retailers, driven by ongoing wedding season mainly attributed the rise in select edible oil prices.

They said weak global trend where palm oil declined on concern that stockpiles in Malaysia may expand from a record.

Meanwhile, palm oil futures lost 5.

1 per cent this month, after falling 16 per cent in September and 2 per cent in October on the Malaysia Derivatives Exchange.

In the national capital, groundnut mill delivery oil (Gujarat) rose by Rs 200 to Rs 12,100 per quintal on increased retailers demand.

Mustard expeller oil (Dadri) moved up by Rs 50 to Rs 8,350 on local parties demand and sesame mill delivery oils which remained steady major part of week met with fag-end buying and ended higher by Rs 50 to Rs 8,800 per quintal.

On the other hand, cottonseed mill delivery (Haryana) oils declined by Rs 50 to Rs 6,900 per quintal.

Taking a negative cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils fell by by Rs 100 each to Rs 7,050 and Rs 6,650 per, while crude palm oil (ex-kandla)traded lower by the same margin to Rs 7,050 quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and lost Rs 100 each at Rs 7,150 and Rs 6,700 per quintal, respectively GRAINS: wheat and rice basmati prices fell in the wholesale grains market during the week on reduced offtake by flour mills and stockists against increased supplies from producing belts.

However, a few bold grains shot up on increased demand from consuming industries.

Marketmen said higher supplies against reduced offtake by flour mills and stockists mainly pulled down wheat and rice basmati prices.

Meanwhile, the country's wheat production is likely to touch a new record this year as improved soil moisture due to late monsoon rains and early winter would boost crop prospects, government research body ICAR said.

In the national capital, wheat dara (for mills) slide by Rs 50 to Rs 1,570-1,575 per quintal.

Atta chakki delivery followed suit and traded traded lower by the same margin

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