Weekly market report - Edible oils gain on seasonal demand

Edible oils recovered in the wholesale oils and oilseeds market during the week under review on brisk buying by vanaspati millers and stockists for the ongoing marriage season against tight suppy.

Some oils in the non-edible section also showed some firmness on fresh enquiries from the consuming industries. 

Trading sentiment in edible oils turned better as vanaspati millers and stockists increased their holdings to meet the ongoing marriage season demand amid restricted supplies from producing regions, traders said.

Increased offtake by industrial units helped a few non-edible oils to trade higher, they said.  

In the national capital, mustard expeller oil (Dadri) attracted local buying and gained Rs 60 to Rs 5,610 per quintal. Mustard pakki and kachi ghani oils traded higher by Rs 5 each to Rs 750-905 and Rs 905-1,005 per tin on vanaspati mills demand.

Sesame and cottonseed mill delivery (Haryana) oils followed suit and rose by Rs 100 each to Rs 6,150 and Rs 5,200 per quintal.

In line with a general firm trend, soyabean refined mill delivery (Indore) and soyabean degum (Delhi) oils were  also seen in demand and gained Rs 60 and Rs 40 to Rs 5,740 and Rs 5,100 per quintal.

Crude palm oil (ex-kandla) and palmolein (rbd) oils too traded in positive zone with a moderate rise of Rs 110 and Rs 50 to Rs 4,900 and Rs 5,650 per quintal.   

However, groundnut mill delivery (Gujarat) oil after moving on both ways on alternate bouts of trading, settled around previous levels of Rs 7,100 per quintal. 

In the non-edible section, linseed oil moved up by Rs 50 to Rs 4,350 per quintal on fresh enquiries from paint industry in view of the marriage season. Neem oil also gained Rs 50 to Rs 3,850-3,950 per quintal on increased demand from soap's industries.

Grains: Rice basmati and a few bold grain prices firmed up in the wholesale grains market during the past week on rising demand from stockists against restricted supply from producing regions.

However, wheat prices declined on increased arrivals amid reduced offtake by flour mills.

Marketmen said pick up in retailers demand in view of the ongoing marriage season against tight supply from producing regions mainly led to the rise in rice basmati prices.    

In the rice section, rice basmati Pusa-1121 variety rose by Rs 150 to Rs 4,950-5,550 per quintal, while permal raw, wand,sela and IR-8 were remained steady at Rs 1,875-1,925, Rs 2,000-2,150, Rs 2,165-2,220 and Rs 1,685-1,710 per quintal.

In the bold grains section, bajra and jowar (yellow) prices moved up by Rs 20 and Rs 50 to 820-830 and Rs 950-1,050, while maize gained Rs 40 to Rs 990-1,000 per quintal.

On the other hand, wheat dara (for mills) declined by Rs 15 to Rs 1,285-1,290 per quintal. Atta chakki delivery followed suit and traded lower by the same margin to Rs 1,290-1,295 per 90 kg.

Sooji prices eased to Rs 800-820 against last close of Rs 885-905 per 50 kg on sluggish demand.

SUGAR: The wholesale sugar market revealed a firm trend during the past week under review on increased buying by retailers and bulk consumers amid restricted supply and ended with a gains of nearly Rs 75 per quintal.  

Marketmen said pick up in demand due to ongoing marriage season against restricted supply from mills as most of millers had cleared their allotted free sale sugar quota for the current month, mainly caused the rise in sugar prices. 

They said rising demand among bulk consumers such as softdrink and ice-cream makers further supported the uptrend.

Sugar ready medium and second grade prices surged from last week's close of Rs 3,000-3,150 and Rs 2,975-3,125 to settle at Rs 3,050-3,200 and Rs 3,025-3,175 per quintal respectively.

Mill delivery medium and second grade price also finish higher at Rs 2,875-3,125 and Rs 2,850-3,100 as compared to the last week's level of Rs 2,825-2,975 and Rs 2,805-2,965 per quintal respectively.

Among millgate section, sugar budhana shot up by Rs 60 to concldue at Rs 2,920 per quintal. Mawana, dorala and titabi sugar qualities also spurts to settle at Rs 2,940, Rs 2,960 and Rs 2,970 per quintal, showing a net gains of Rs 75 per quintal respectively.

JAGGERY: Wholesale gur prices fell by Rs 150 per quintal at the jaggery market during the week under review following a fall in buying interest amid adequate stocks position.

Marketmen said reduced offtake by stockist and local parties against heavy arrivals of new stocks into the market, largely attributed to the fall in gur prices.

Murad Nagar gur market also showed a down-trend during the week on sluggish demand, while Muzzafarnagar market firmed up as gur prices rose on restricted supply. 

In Delhi, gur chakku lost by Rs 150 to settle at Rs 2,300-2,350 from Rs 2,400-2,450 a quintal. 

Gur pedi and dhayya also dipped by Rs 150 each to Rs 2,350-2,400 and Rs 2,450-2,500 as compared to last week's close of Rs 2,500-2,550 and Rs 2,600-2,650 a quitnal on lack of buying interest coupled with arrivals of new gur.  

However, Shakkar prices traded unchanged at Rs 2,500-2,600 per quintal on scattered buying activity.

In Murad Nagar, gur pedi and dhayya moved down from Rs 2,300-2,350 each to Rs 2,100-2,150 each per quintal, showing a loss of Rs 200 a quintal. On the other hand, Muzzafarnagar gur prices showed a rising tendency on better offake and restricted supply.

Prices of gur chakku and khurpa improved from last week's close of Rs 2,075-2,250 and Rs 1,975-2,000 to Rs 2,125-2,300 and Rs 2,050-2,100 per quintal. Meanwhile gur raskat prices showed a marginal fall of Rs 25 from Rs 1,850-1,900 to Rs 1,825-1,900 per quintal.

Pulses: A firm trend was witnessed at the wholesale pulses market during the past week as select prices rose on emergence of buying by stockists and retailers for the ongoing marriage season amid restricted arrivals. 

Buying activity in select pulses picked up as stockists and retailers enlarged their positions on rising demand due to ongoing marriage season, said traders.  

They said fall in arrivals from producing regions also influenced the trading sentiment to some extent.

In the national capital, gram, gram dal local and best quality were in centre of brisk buying activity and rose by Rs 110, Rs 100 and Rs 75 to Rs 2,510-2,535, Rs 2,775-2,790 and Rs 2,800-2,900 per quintal respectively.

Besan Shaktibhog and Rajdhani followed suit and finished higher at Rs 1,190 each against last close of 1,050 per 35 kg bag.

Kabli gram small also seen in demand and advanced by Rs 150 to Rs 4,200-5,400 per quintal, while peas white and green gained Rs 50 each to Rs 1,850-1,950 and Rs 2,000-2,200 per quintal.

However, urad, masoor small and arhar prices moved in a narrow range on alternate bouts of trading and settled around previous levels.