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  1. Edible oils firm up on sustained miller buying

Edible oils firm up on sustained miller buying

Besides, costlier imports following weaker Indian rupee against the US dollar and restricted arrivals from the producing belts.

By: | New Delhi | Updated: May 16, 2015 1:22 PM
edible oil castor oil market

Traders said sustained buying by vanaspati millers and retailers triggered by rising wedding season demand against restricted supplies mainly kept edible oil prices higher. (Reuters)

The wholesale oil and oilseed market remained firm for yet another week on continued buying by vanaspati millers and retailers to meet rising wedding season demand.

Besides, costlier imports following weaker Indian rupee against the US dollar and restricted arrivals from the producing belts supported the upside in prices.

Castor oil in the non-edible section, too, edged up due to increased offtake by consuming industries.

Traders said sustained buying by vanaspati millers and retailers triggered by rising wedding season demand against restricted supplies mainly kept edible oil prices higher.

Meanwhile, country’s vegetable oil imports rose 33 per cent to 11.08 lakh tonnes in April, mainly on higher shipments of palm oil.

The imports of vegetable oil during the same month last year stood at 8.32 lakh tonnes, according to industry data.

In the national capital, groundnut mill delivery (Gujarat), mustard expeller (Dadri) and cottonseed mill delivery (Haryana)oils were up by Rs 50 each to Rs 8,750, Rs 7,150 and Rs 5,600 per quintal, respectively, on retailers’ demand.

Groundnut solvent refined, which remained steady for the major part of week, found increased demand from retailers and ended higher by Rs 50 to Rs 1,625-1,675 per tin.

Mustard pakki and kachi ghani oils also moved up by Rs 20 each to Rs 1,220-1,270 and Rs 1,270-1,370 per tin, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils advanced Rs 100 each to Rs 6,700 and Rs 6,400 per quintal, respectively.

Palmolein (RBD and palmolein (Kandla) oils, too, surged 150 each to Rs 5,700 and Rs 5,600 per quintal, respectively, while crude palm oil (ex-Kandla) ended higher by Rs 50 at Rs 4,300 per quintal.

In the non-edible section, castor oil went up Rs 50 to Rs 9,850-9,950 per quintal on increased demand from consuming industries.

Grains: Firm conditions prevailed at the wholesale grains market during the week as prices of wheat and a few other bold grains recovered on increased offtake against tight supplies from producing belts.

However, rice basmati eased on adequate stocks position against lack of buying support.

Traders said besides increased offtake by flour mills, restricted arrivals from producing belts mainly led to the rise in wheat prices.

Reports of lower output also supported the upside in wheat prices, they said.

Meanwhile, wheat production may fall by 4 per cent during the 2014-15 crop year from record 95.85 million tonnes in the previous year as the crop was affected due to the recent unseasonal rains and hailstorms.

They said, however, adequate stocks position against lack of buying support kept pressure on rice basmati prices.

In the national capital, wheat dara (for mills) recovered by Rs 30 to Rs 1,520-1,525 per quintal.

Atta chakki delivery followed suit and edged up by a similar margin to Rs 1,530-1,535 per 90 kg.

Other bold grains like, bajra and barley also attracted fresh buying support from consuming industries and finished higher at Rs 1,240-1,245 and Rs 1,320-1,325 compared with previous week’s levels of Rs 1,190-1,195 and Rs 1,315-1,320 per quintal, respectively.

In the rice section, rice basmati common and Pusa-1121 variety eased to Rs 5,600-5,800 and Rs 4,500-5,600 from last close of Rs 5,900-6,100 and Rs 4,700-5,900 per quintal respectively.

Pulses: In mixed pattern of trading urad prices firmed up on selective buying by retailers amid restricted arrivals from producing belts, while masoor and malka weakened on fall in demand at prevailing levels against sufficient stocks.

Traders said selective buying by retailers against decline in arrivals from producing belts mainly led to the rise in urad and its dal prices.

They said, however, easing demand against adequate stocks position kept pressure on other prices.

Meanwhile, the government is considering importing pulses through state-owned trading firms such as the MMTC to boost domestic supply and check rising retail price.

In the national capital, urad and its dal chilka local recovered by Rs 250 each to Rs 7,750-8,250 and Rs 8,650-8,850 per quintal respectively.

Its dal best quality and dhoya followed suit and enquired higher by a similar margin to Rs 8,850-9,450 and Rs 9,250-9,550 per quintal respectively.

On the other hand, masoor small and bold met with resistance and existing levels and fell by Rs 50 each to Rs 6,250-6,450 and Rs 6,250-6,550 per quintal respectively.

Its dal local and best quality were down by Rs 50 each to Rs 7,350-7,450 and Rs 7,450-7,550 per quintal.

Malka local and best quality also declined by Rs 200 each to Rs 7,700-7,900 and Rs 7,900-8,000 per quintal respectively.

However, moong its dal chilka local moved in a tight range in limited deals and closed steady at Rs 7,600-8,300 and Rs 8,400-8,900 per quintal.

Its dal dhoya local and best quality ended flat at Rs 8,400-8,700 and Rs 9,200-9,300 per quintal respectively.

Arhar, its dal dara variety also moved in a narrow range in limited deals and held steady at Rs 6,800-6,850 and Rs 8,150-8,450, per quintal respectively.

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