MARKET DEVELOPMENT
Select Edible Oils Rise in Mixed Trend
Select Edible Oils Rise in Mixed Trend
20/05/2013 (Economic Times) - The wholesale oils and oilseeds market displayed a mixed trend during the past week with prices of select oils rising on increased buying by vanaspati millers amid a firming global trend while a few others declined on slackened demand.
A few oils in the non-edible section, depicted a firm trend on increased demand from consuming industries.
Traders said fresh buying by vanaspati millers and a firming global trend as palm oil climbed to the over one month level on speculation that exports from Malaysia, may rebound and trim stockpiles, mainly led to rise in select edible oil prices.
They said, however, increased arrivals from producing belts kept pressure on other oil prices, they said.
Meanwhile, palm oil rose 0.7 per cent at 774 dollar,the highest close since April 12 this week on the Bursa Malaysia Derivatives.
In the national capital, mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils rose by Rs 150 and Rs 200 to Rs 6,600 and Rs 6,300 per quintal respectively.
Taking positive cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also moved up by Rs 50 each to Rs 7,400 and Rs 7,000 per quintal respectively.
On the other hand, sesame mill delivery oil met with resistance at prevailing levels and dropped by Rs 500 to Rs 12,500 per quintal. Groundnut mill delivery (Gujarat) oil declined by Rs 250 to Rs 10,250 per quintal.
In the non-edible section, castor and neem oils rose by Rs 50 each to Rs 8,900-9,000 and Rs 5,000-5,100 per quintal on increased industrial demand. Linseed oil also found scattered support from paint industries and ended higher by similar margin to Rs 6,450 per quintal.
A few oils in the non-edible section, depicted a firm trend on increased demand from consuming industries.
Traders said fresh buying by vanaspati millers and a firming global trend as palm oil climbed to the over one month level on speculation that exports from Malaysia, may rebound and trim stockpiles, mainly led to rise in select edible oil prices.
They said, however, increased arrivals from producing belts kept pressure on other oil prices, they said.
Meanwhile, palm oil rose 0.7 per cent at 774 dollar,the highest close since April 12 this week on the Bursa Malaysia Derivatives.
In the national capital, mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils rose by Rs 150 and Rs 200 to Rs 6,600 and Rs 6,300 per quintal respectively.
Taking positive cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also moved up by Rs 50 each to Rs 7,400 and Rs 7,000 per quintal respectively.
On the other hand, sesame mill delivery oil met with resistance at prevailing levels and dropped by Rs 500 to Rs 12,500 per quintal. Groundnut mill delivery (Gujarat) oil declined by Rs 250 to Rs 10,250 per quintal.
In the non-edible section, castor and neem oils rose by Rs 50 each to Rs 8,900-9,000 and Rs 5,000-5,100 per quintal on increased industrial demand. Linseed oil also found scattered support from paint industries and ended higher by similar margin to Rs 6,450 per quintal.