Select edible oils remain up on seasonal buying

Select edible oils strengthened in the oils and oilseeds market during the past week on sustained buying by vanaspati millers and retailers for the ongoing marriage season amid firming global trend.

A few non-edible oils also moved up on increased buying by industrial units. Trading volumes marginally declined, as the market remained closed on January 26 for 'Republic Day.'

Traders said increased buying by millers and retailers to meet the ongoing marriage season demand and a firming trend in overseas markets, strengthened select wholesale edible oil prices.

The palm oil rose 0.4 per cent to $1,211 a metric tonne in Kuala Lumpur, the main hub for global oil trading. 

In the national capital, mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils gained Rs 10 and Rs 20 to Rs 6,080 and Rs 5,740 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils rose Rs 30 and Rs 10 to Rs 6,550 and Rs 6,160 per quintal on reports of a steep rise in its prices in overseas markets.

Palmolein (rbd) and crude palm oil (ex-kandla) oils moved up by Rs 80 and Rs 70 to Rs 6,250 and Rs 5,370 per quintal. In line with general firming trend, coconut oil shot up by Rs 60 to Rs 1,500-1,560 per tin on restricted arrivals from southern region.  

In the non-edible section, linseed oil went up by Rs 50 to Rs 4,650 per quintal on increased demand from paint industries. Castor oil traded higher by Rs 50 to Rs 8,700-8,800 per quintal on industrial offtake.