Select edible oils recover on millers buying

By: | Updated: May 30, 2015 2:53 PM

In the non-edible section, linseed oil edged higher by Rs 100 to Rs 8,400 per quintal on increased demand from paint industries...

edible oil priceSoyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils inched up by Rs 50 each to Rs 6,700 and Rs 6,400 per quintal, respectively. (Reuters)

Select edible oil prices firmed up at the wholesale oil and oilseed market during the week following a pickup in buying by vanaspati millers and retailers against restricted supplies from producing belts.

A few oils in the non-edible section also strengthened on increased offtake by consuming industries.

Traders said increased buying by vanaspati millers and retailers against restricted supplies from producing belts mainly led to the rise in the prices.

In the national capital, groundnut mill delivery (Gujarat) and cottonseed mill delivery (Haryana) oils recovered by Rs 50 each to Rs 8,750 and Rs 5,600 per quintal respectively.

Palmolein (RBD) and palmolein (Kandla) oils were also in good demand and rose by Rs 100 each to Rs 5,700 and Rs 5,600 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils inched up by Rs 50 each to Rs 6,700 and Rs 6,400 per quintal, respectively.

On the other hand, mustard expeller (Dadri) oil lacked buying support against adequate stocks position and ended lower by Rs 100 at Rs 6,950 per quintal, while sesame mill delivery oil held steady at Rs 8,000 per quintal throughout the week.

In the non-edible section, linseed oil edged higher by Rs 100 to Rs 8,400 per quintal on increased demand from paint industries, while castor oil gained Rs 50 to Rs 9,900-10,000 per quintal on increased industrial offtake.

Grains: The wholesale grains market displayed a bearish trend during the week as prices of wheat and rice basmati dropped due to reduced offtake by mills and stockists against adequate stocks position amid higher procurement.

Traders said reduced offtake by flour mills against sufficient stocks position on higher supplies from growing belts mainly kept pressure on wheat prices.

Meanwhile, government’s wheat procurement has increased by nearly 2 per cent to 26.47 million tonnes (MT) so far in 2015-16 marketing year, though quality of bulk of grains is affected due to hailstorms and unseasonal rains.

They said easing demand against adequate supply pressure led to decline in rice basmati and other bold grains prices.

In the national capital, wheat dara (for mills) fell by Rs 40 to Rs 1,480-1,485 per quintal. Atta chakki delivery followed suit and dropped by Rs 30 to Rs 1,510-1,515 per 90 kg.

Atta flour mills, maida and sooji were eased to Rs 820-830, Rs 840-850 and Rs 940-950 against last week’s close of Rs 840-850, Rs 870-880 and Rs 980-1,000 per 50 kg, respectively in line with wheat trend.

In the rice section, basmati common and Pusa-1121 variety slipped to Rs 5,000-5,200 and Rs 4,000-5,000 from previous levels of Rs 5,400-5,600 and Rs 4,200-5,300 per quintal respectively.

Other bold grains like, barley declined by Rs 45 to Rs 1,305-1,310 per quintal. Bajra and maize shed Rs 5 each at Rs 1,235-1,240 and Rs 1,270-1,275 per quintal respectively.

Pulses: In a mixed pattern of trading, urad, arhar and masoor extended gains on rising demand from retailers against paucity of stocks, while moong and moth prices declined on adequate supplies against fall in demand at prevailing levels.

Traders said besides rising demand from retailers, costlier imports due to depreciating rupee against dollar and expectations of lower output this year due to unseasonal rains in key growing regions supported the upside in urad and other prices.

They said , however, better stocks in the market following government’s plan to increase supplies in the market to rein in prices, influenced sentiments, pulling down select pulses prices.

Meanwhile, with pulses prices rising by up to 64 per cent in the last one year, the government plans to increase the supplies as it looks at steps to keep inflation down amid forecast of deficit monsoon.

In the national capital, urad and its dal chilka local remained in demand and surged Rs 400 each to Rs 8,400-8,800 and Rs 9,300-9,500 per quintal respectively.

Its dal best quality and dhoya followed suit and surged by a similar margin to Rs 9,500-10,100 and Rs 9,900-10,200 per quintal respectively.

Arhar and its dal dara variety also strengthened to Rs 7,200-7,300 and Rs 8,600-8,900 from previous week’s levels of Rs 6,900-6,950 and Rs 8,250-8,550 per quintal respectively.

Masoor small and bold too ended in positive zone with a gain of Rs 300 each to Rs 6,650-6,850 and Rs 6,650-6,950 per quintal respectively. Its dal local and best quality were enquired higher by a similar margin to Rs 7,750-7,850 and Rs 7,850-7,950 per quintal.

Malka local and best quality advanced to Rs 7,800-8,300 and Rs 8,000-8,300 from previous levels of Rs 7,800-8,000 and Rs 8,000-8,100 per quintal respectively.

On the other hand, moong and its dal chilka local met with resistance and plunged by Rs 400 each to Rs 7,200-7,900 and Rs 8,000-8,500 per quintal respectively.

Its dal dhoya local and best quality traded lower by the same margin to Rs 8,000-8,300 and Rs 8,800-8,900 per quintal respectively.

Moth dropped by Rs 200 to Rs 6,000-6,300 per quintal.

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