Select edible oils strengthen on millers buying

Select edible oil prices strengthened up to Rs 100 per quintal at the oils and oilseeds market today on the back of sustained buying by vanaspati millers amid a firming global trend.
However, non-edible oils moved in a tight range in scattered deals and settled around previous levels.
Traders said continued buying by vanaspati millers and retailers for the ongoing wedding season mainly led to rise in select edible oil prices.
Firming global trend where palm oil climbed to a 17-month high on speculation that dry weather will damage soybean crops in Brazil further supported the uptrend, they said.
Meanwhile, palm oil for May delivery advanced 0.7 per cent to USD 829 a tonne, the highest level since September 2012, on the Malaysia Derivatives Exchange.

In the national capital, mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils rose by Rs 50 each to Rs 7,500 and Rs 6,350 while sesame mill delivery oil traded higher by Rs 100 to Rs 11,600 per quintal, respectively.
Tracking a firming global trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils moved up by Rs 50 each to Rs 7,450 and Rs 7,200 per quintal, respectively.
Palmolein (rbd) and palmolein (Kandla) followed suit and traded higher by Rs 50 each to Rs 6,550 and Rs 6,200 per quintal, respectively.