Edible oils extend gains on seasonal demand, global cues
New Delhi, Feb 2 (PTI) Edible oil extended gains on the oils and oilseeds market for yet another week on sustained buying by vanaspati millers and retailers to meet the ongoing marriage season demand amid a firming global trend.
A few oils in the non-edible section also strengthened on increased offtake by industrial units and other consuming industries.
Traders said sustained buying by vanaspati millers and retailers to meet the rising weddinge season demand mainly helped edible oil prices to extend gains.
They said firming global trend where palm oil rallied to the highest level in over three months on speculation that Malaysian stockpiles will drop from a record, also boosted the sentiment.
Meanwhile, palm oil climbed 4.9 per cent in January, the biggest monthly advance since March on the Malaysia Derivatives Exchange.
Increased offtake by industrial units helped select non-edible oils to trade higher.
In the national capital, mustard expeller oil (Dadri) which remained steady major part of week on some support met with fag-end buying by local parties and rose by Rs 50 to Rs 8,300 per quintal.
Groundnut mill delivery oil (Gujarat) in limited deals advanced by Rs 100 to 12,450 per quintal, while groundnut solvent refined edged up by Rs 25 to Rs 2,100-2,150 per tin.
Sesame and cottonseed mill delivery (Haryana) oils also moved up by Rs 400 and Rs 50 to Rs 11,000 and Rs 7,000 per quintal, respectively on increased buying by vanaspati millers.
Tracking a firming global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils added Rs 100 each to Rs 7,750 and Rs 7,300, while crude palm oil (ex-kandla) traded higher by the same margin to Rs 7,600 per quintal, respectively.
Palmolein (rbd) and palmolein (kandla) oils followed suit and gained Rs 150 each to Rs 7,750 and Rs 7,250 per quintal, respectively.
In the non-edible section, linseed oil hardened by Rs 100 to Rs 6,350 per quintal on increased demand from paint units.
Neem and castor oils inched up by Rs 50 each to Rs 5,000-5,100 and Rs 8,800-8,900 per quintal, respectively on increased industrial offtake. .