Prices of edible oils rose by Rs 50 per quintal in the wholesale oils and oilseeds market today on sustained buying by vanaspati millers for the marriage season amid a firming global trend.
Castor oil in the non-edible section, also showed some strength on increased offtake by industrial units.
Marketmen said sustained buying by vanaspati millers for the marriage season mainly kept edible oils higher.
They said a firming global trend where palm oil rallied to over three-month high on speculation that Malaysian stockpiles may drop from a record, also influenced the
Meanwhile, palm oil for the contract for delivery in April climbed 1.8 per cent to USD 825 a tonne on the Malaysia Derivatives Exchange, the highest level since October 25.
Increased industrial offtake helped castor oil in non-edible to trade higher, they added.
In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils advanced by Rs 50 each to Rs 7,750 and Rs 7,300, while crude palm oil (ex-kandla) traded higher by similar margin to Rs 7,600 per quintal respectively.
Palmolein (rbd) and palmolein (Kandla) oils also added Rs 50 each at Rs 7,750 and Rs 7,250 per quintal respectively.
In the non-edible section, castor oil moved up by Rs 50 to Rs 8,800-8,900 per quintal.