Edible oils extend gains on seasonal demand

Edible oil prices extended gains at the wholesale oils and oilseeds market during the week following rising demand from vanaspati millers and retailers in the backdrop of ongoing festive and wedding season amid restricted supplies from producing belts.
A few oils in the non-edible section, also strengthened on increased offtake by consuming industries.
Traders attributed persistent rise in edible oil prices to strong demand from vanaspati millers and retailers driven by festive season against restricted supplies from producing regions.
Besides, weakness in the rupee against the dollar making imports costlier and firm global trend also influenced the sentiment.
Meanwhile, palm oil rallied to 2,157 ringgit (USD 501) per tonne on the Bursa Malaysia Derivatives.

In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils advanced by Rs 50 each to Rs 9,000 and Rs 7,650 per quintal respectively.

Cottonseed mill delivery (Haryana) oil also edged up by Rs 30 to Rs 5,730 per quintal.
Palmolein (rbd) and palmolein (Kandla) oils shot up by Rs 150 each to Rs 5,400 and Rs 5,300, while crude palm oil (ex-kandla) edged up by Rs 50 to Rs 4,150 per quintal respectively on global cues.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and gained 50 each to Rs 6,500 and Rs 6,200 per quintal respectively.

In the non-edible section, castor oil advanced by Rs 50 to Rs 9,850-9,950 per quintal on increased offtake by industrial units. Linseed oil also moved up by Rs 50 to Rs 8,500 per quintal on fresh enquiries from paint industries.