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Edible oils spurt on buying by millers, retailers

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Press Trust of India New Delhi
Last Updated : Jul 18 2015 | 1:13 PM IST
Edible oil prices strengthened at the wholesale oils and oilseeds market during the week on increased buying by millers and retailers to meet rising demand against restricted supplies from producing belts.

Castor oil in the non-edible section also moved up on increased offtake by consuming industries.

Oil traders said increased buying by vanaspati millers and retailers against fall in supplies from producing belts mainly kept edible oil prices higher.

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Meanwhile, India's palm oil imports rose 23 per cent to 7,34,358 tonnes in June against the year-ago period on account of lower global prices, Solvent Extractors'Association (SEA) said.

India, the world's leading vegetable oil buyer, had purchased 5,98,247 tonnes of palm oil in June last year.

In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils were up by Rs 50 each to Rs 8,900 and Rs 7,500 per quintal, respectively.

Sesame and cottonseed mill delivery (Haryana) oils moved up by a similar margin to Rs 8,000 and Rs 5,700 per quintal, respectively.

In line with overall firm trend, palmolein (RBD) and palmolein (Kandla) oils inched up by Rs 50 each to Rs 5,600 and Rs 5,500 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and traded higher by Rs 50 each to Rs 6,600 and Rs 6,300 per quintal, respectively.

Among non-edibles, castor oil edged higher by Rs 50 to Rs 9,750-9,850 per quintal, while linseed was unchanged at Rs 8,450 per quintal.

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First Published: Jul 18 2015 | 12:42 PM IST

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