Specific edible oils extends gains for second week on rising demand

Select edible oil prices extended gains for the second straight week at the wholesale oil and oilseeds market on increased buying by vanaspati millers, driven by rising demand from retailers against tight supplies.

Castor oil in the non-edible section also showed some strength on increased offtake by consuming industries.

Traders said increased offtake by vanaspati millers to meet surging demand from retailers against tight stocks position on fall in arrivals from producing regions and a firm global trend mainly kept select edible oil prices higher.

In the national capital, groundnut mill delivery (Gujarat) oil rose by Rs 100 to Rs 9,500 per quintal.

Mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils moved up by Rs 50 and Rs 100 to Rs 8,200 and Rs 7,700 per quintal respectively.

Sesame mill delivery oil also shot up by Rs 200 to Rs 10,200 per quintal.

Tracking a firm trend overseas, palmolein (RBD) and palmolein (Kandla) oils too edged up by Rs 50 each to Rs 6,700 and Rs 6,750 per quintal respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and traded higher by a similar margin to Rs 7,700 and Rs 7,300 per quintal respectively.

In the non-edible section, castor oil went up by Rs 100 to Rs 7,400-7,500, while linseed oil held steady at Rs 9,500 per quintal respectively during the period.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)