Select edible oils up on mills' buying

Dec 08 2012, 14:05 IST
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SummaryHowever, non-edible oils moved in a narrow range for the major part of the week,

Select edible oil prices strengthened on the oils and oilseeds market during the week under review largely on increased buying by vanaspati millers for the ongoing wedding season.

However, non-edible oils moved in a narrow range for the major part of the week on alternate bouts of trading and settled around previous levels.

Traders said pick-up in buying activity by vanaspati millers and retailers to meet the ongoing wedding season demand mainly led to rise in select wholesale edible oil prices.

They said, however, gains were restricted on weak global trend where palm oil dropped for the third week on speculation stockpiles in Malaysia held near a record in November.

Meanwhile, palm oil lost 3.1 per cent this week on the Malaysia Derivatives Exchange.

In the national capital, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils rose by Rs 90 and Rs 50 to Rs 7,140 and Rs 6,700, while crude palm oil (ex-kandla) edged up by Rs 50 to Rs 7,100 per quintal, respectively, on wedding season demand.

Palmolein (rbd) and palmolein (Kandla) oils followed suit and traded higher by Rs 50 each to Rs 7,200 and Rs 6,700 per quintal, respectively.

On the other hand, groundnut mill delivery oil (Gujarat) lacked necessary buying support and lost Rs 100 at Rs 12,000 per quintal.

In the non-edible section, linseed oil and neem oils moved in a tight range in scattered deals and settled around previous levels of Rs 5,900 and Rs 4,650-4,750 per quintal respectively.

PULSES: Mixed conditions developed on the wholesale pulses market during the past week as select pulses rose on fresh buying support from stockists and retailers, while a few others remained weak on adequate supplies against lack of buying.

Traders said fresh buying by stockists and retailers against limited arrivals from producing regions mainly led to rise in select wholesale pulses.

Adequate stocks position against lack of buying support, however, kept other pulses lower, they said.

In the national capital, moong and its dal chilka local ended higher at Rs 5,000- 5,600 and Rs 5,600-6,000 from previous levels of Rs 5000-5,500 and Rs 5,500-5,900 per quintal.

Masoor small and bold moved up by Rs 50 each to Rs 3,450-3,650 and Rs 3,600- 3,800 and its dal local and best quality were up by the same margin to Rs 4,050-4,150 and Rs 4,150-4,250 per quintal, respectively. Malka local and best quality followed suit and traded higher

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