Weekly report: Edible oils recover on millers buying, global cues

Dec 22 2012, 14:45 IST
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SummaryEdible oils rebounded to trade higher in the wholesale oils and oilseeds market.

Edible oils rebounded to trade higher in the wholesale oils and oilseeds market during the past week on revival of buying by vanaspati millers and retailers amid a a firming global trend.

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

Traders said trading sentiment turned better as palm oil climbed to the highest level in more than three weeks in global markets after data signaled a recovery in the US economy, boosting prospects for demand.

Meanwhile, palm oil futures gained 5.9 per cent this week on the Malaysia Derivatives Exchange, the highest price since November 27.

In the national capital, groundnut mill delivery oil (Gujarat) climbed by Rs 250 to Rs 12,250 per quintal on day-to-day increased demand from retailers. Groundnut solvent refined oil gained Rs 50 to Rs 2,000-2,050 per tin.

Mustard expeller oil (Dadri) rose by Rs 50 to Rs 8,400 per quintal on local demand. Sesame and cottonseed mill delivery (Haryana) oils moved up by Rs 250 and Rs 70 to Rs 9,000 and Rs 6,950 per quintal, respectively.

Taking positive cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils rose by Rs 50 each to Rs 7,150 and Rs 6,700 per quintal.

Palmolein (rbd) and Palmolein (Kandla) oils followed suit and traded higher by the same margin to Rs 7,200 and Rs 6,700 per quintal, respectively.

In the non-edible section, linseed oil found fresh buying support from paint's industries and shot up by Rs 100 to Rs 6,000 per quintal.

Neem oil rose by Rs 50 to Rs 4,700-4,800 per quintal on increased offtake by soap's industries.

Grains: Prices of rice basmati and other bold grains firmed up on the wholesale grains market during the past week on emergence of stockists buying driven by pick up in demand.

However, wheat declined on reduced offtake by flour mills against adequate stocks position on increased arrivals.

Traders said emergence of stockists buying on the back of a rise in demand from retailers mainly pushed up wholesale rice basmati prices.

They said increased industrial demand against restricted arrivals from producing belts mainly attributed rise in other bold grain prices.

Adequate stocks position against reduced offtake by flour mills kept pressure on wheat prices, they added.

In the rice section, rice basmati common and Pusa-1121 variety ended higher at Rs 6,400-6,500 and Rs 5,800-6,300 against last

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