Select edible oils recover on mills' buying, global cues

Jan 19 2013, 16:06 IST
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SummaryThe wholesales oil and oilseeds market ended on a firm note during the past week.

The wholesales oil and oilseeds market ended on a firm note during the past week as select edible oil prices recovered on fresh buying by vanaspati millers and retailers to meet ongoing wedding season demand amid a firm global trend.

A few oils' in the non-edible section also moved up on increased offtake by industrial units and other consuming industries.

Sentiment turned better as palm oil gained in overseas markets on speculation that Malaysia may increase exports of refined oils to India after the world's biggest buyer said it will tax unprocessed cooking oil for the first time since 2008.

The palm oil futures rose 1.4 per cent this week on the Malaysia Derivatives Exchange.

Meanwhile, the government decided to impose 2.5 per cent import duty on crude edible oil to protect domestic oilseed farmers, but kept duties on refined cooking oil unchanged fearing hike in retail prices.

In addition, increased buying by vanaspati millers and retailers to meet the marriage season demand further supported the uptrend in edible oils.

In the national capital, groundnut mill delivery (Gujarat) oil rose by Rs 50 to Rs 12,300 per quintal on retailers demand, while groundnut solvent refined followed suit and traded higher by the same margin to Rs 2075-2125 per tin.

Sesame mill delivery oil also attracted brisk buying from vanaspati millers and shot up by Rs 200 to Rs 10,450 per quintal.

Tracking a firming global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils moved up by Rs 150 each to Rs 7,550 and Rs 7,100, while crude palm oil (ex-kandla) gained Rs 100 at Rs 7,400 per quintal respectively.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and rose by Rs 160 each to Rs 7,500 and Rs 7,000 per quintal.

In the non-edible section, linseed oil edged up by Rs 50 to Rs 6,150 per quintal on fresh enquiries from paint industries. Neem oil too traded higher by Rs 50 to Rs

4900-5000 per quintal on increased offtake by soap makers.

GRAINS: Rice basmati prices declined during the past week on fall in demand at prevailing higher levels amid increased arrivals from producing belts.

However, bajra, maize and barley ended higher on increased demand from consuming industries.

Traders said fall in demand at existing higher levels against increased supplies from producing regions mainly led to fall in wholesale rice basmati prices.

They said increased demand

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