MARKET DEVELOPMENT
Edible Oils Extend Gains on Millers Fresh Buying
Edible Oils Extend Gains on Millers Fresh Buying
19/10/2015 (Hindu Business Line) - Edible oils extended gains for yet another week at the wholesale oils and oilseeds market on continued buying by vanaspati millers and retailers to meet ongoing festive and wedding season demand amid positive global cues.
A few oils in the non—edible section also strengthened on increased offtake by consuming industries.
Traders said persistent buying by vanaspati millers and retailers, driven by ongoing festive and wedding season demand amid restricted supplies from producing belts, mainly kept edible oil prices higher.
Besides, firm trend overseas also supported the upside, they said.
Globally, palm oil futures for delivery in December jumped to 2,320 ringgit ($553) a metric tonne on the Bursa Malaysia Derivatives.
Meanwhile, India’s palm oil imports rose 12.20 per cent to 7,83,734 tonnes in September as against the year—ago period, industry body Solvent Extractors’ Association (SEA) said.
India, the world’s leading vegetable oil buyer, had purchased 6,98,471 tonnes of palm oil in September last year.
In the national capital, groundnut mill delivery (Gujarat) oil rose by Rs. 80 to Rs. 9,100 per quintal while groundnut solvent refined oil edged up by Rs. 20 to Rs. 1,700—1,750 per tin.
Mustard expeller (Dadri) oil shot up by Rs. 140 to Rs. 8,100 per quintal. Mustard pakki and kachi ghani oils traded higher by Rs. 50 each to Rs. 1,395—1,445 and Rs. 1,435—1,535 per tin respectively.
Sesame and cottonseed mill delivery (Haryana) oils too moved up by Rs. 100 each to Rs. 8,000 and Rs. 6,000 per quintal respectively.
In line with overall trend, palmolein (RBD) and palmolein (Kandla) oils also rose by Rs. 80 each to Rs. 5,700 and Rs. 5,630, while crude palm oil (ex—kandla) went up by Rs. 20 to Rs. 4,250 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils hardened by Rs. 30 each to Rs. 6,700 and Rs. 6,400 per quintal, respectively.
In the non—edible section, linseed oil on the back of increased offtake by stockists following pickup in demand from paint industries spurted by Rs. 100 to Rs. 8,700 per quintal.
Castor oil also inched up by Rs. 10 to Rs. 9,900—10,000 per quintal on increased industrial offtake.
A few oils in the non—edible section also strengthened on increased offtake by consuming industries.
Traders said persistent buying by vanaspati millers and retailers, driven by ongoing festive and wedding season demand amid restricted supplies from producing belts, mainly kept edible oil prices higher.
Besides, firm trend overseas also supported the upside, they said.
Globally, palm oil futures for delivery in December jumped to 2,320 ringgit ($553) a metric tonne on the Bursa Malaysia Derivatives.
Meanwhile, India’s palm oil imports rose 12.20 per cent to 7,83,734 tonnes in September as against the year—ago period, industry body Solvent Extractors’ Association (SEA) said.
India, the world’s leading vegetable oil buyer, had purchased 6,98,471 tonnes of palm oil in September last year.
In the national capital, groundnut mill delivery (Gujarat) oil rose by Rs. 80 to Rs. 9,100 per quintal while groundnut solvent refined oil edged up by Rs. 20 to Rs. 1,700—1,750 per tin.
Mustard expeller (Dadri) oil shot up by Rs. 140 to Rs. 8,100 per quintal. Mustard pakki and kachi ghani oils traded higher by Rs. 50 each to Rs. 1,395—1,445 and Rs. 1,435—1,535 per tin respectively.
Sesame and cottonseed mill delivery (Haryana) oils too moved up by Rs. 100 each to Rs. 8,000 and Rs. 6,000 per quintal respectively.
In line with overall trend, palmolein (RBD) and palmolein (Kandla) oils also rose by Rs. 80 each to Rs. 5,700 and Rs. 5,630, while crude palm oil (ex—kandla) went up by Rs. 20 to Rs. 4,250 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils hardened by Rs. 30 each to Rs. 6,700 and Rs. 6,400 per quintal, respectively.
In the non—edible section, linseed oil on the back of increased offtake by stockists following pickup in demand from paint industries spurted by Rs. 100 to Rs. 8,700 per quintal.
Castor oil also inched up by Rs. 10 to Rs. 9,900—10,000 per quintal on increased industrial offtake.