Edible oils rise on fresh buying

Firm conditions prevailed at the wholesale oils and oilseeds market today as edible oil prices firmed up by up to Rs 200 per quintal on emergence of brisk buying by vanaspati millers.

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

Traders said brisk buying by vanaspati millers, driven by pick up in demand, mainly led to the rise in edible oil prices.

Meanwhile, on Saturday, the Centre raised import duty on crude palm oil to 30 per cent from 15 per cent and on refined oil to 40 per cent from 25 per cent in a bid to curb cheaper shipments and boost local prices for supporting farmers and refiners, according to a notification, which influenced the sentiment.
 

Import duty on soyabean oil, sunflower oils, canola/mustard oils -- both crude and refined format -- has been raised, the notification released by the Central Board of Excise and Customs (CBEC) said.

Import duty on soyabean has also been increased.

In the national capital, palmolein (RBD) and palmolein (Kandla) oils rose by Rs 200 each to Rs 6,300 and Rs 6,350 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and traded higher by Rs 100 each to Rs 7,300 and Rs 6,900, while crude palm oil (ex- kandla) traded higher by a similar margin to Rs 4,950 per quintal, respectively.

Mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils went up by Rs 100 each to Rs 7,900 and Rs 6,400, while sesame mill delivery (Haryana) traded higher by Rs 200 to Rs 8,100 per quintal, respectively.

In the non-edible section, castor oil enquired higher by Rs 100 to Rs 8,500-8,600 per quintal.

Following are today's quotations (in Rs per quintal):

Oilseeds: Mustard seed Rs 2,950-3,050 and Groundnut seed Rs 2,150-2,900. Vanaspati Ghee (15-litre tin) Rs 800-1,000.

Edible oils: Groundnut Mill Delivery (Gujarat) Rs 8,700, Groundnut Solvent Refined (per tin) Rs 1,650-1,750, Mustard expeller (Dadri) Rs 7,900, Mustard Pakki Ghani (per tin) Rs 1,300-1,345, Mustard Kachi Ghani (per tin) Rs 1,350-1,450, Sesame Mill delivery Rs 8,100, Soybean Refined Mill Delivery (Indore) Rs 7,300, Soybean Degum (Kandla) Rs 6,900, Crude Palm Oil (Ex-Kandla) Rs 4,950, Cottonseed Mill Delivery (Haryana) Rs 6,400, Palmolein (RBD) Rs 6,300, Palmolein (Kandla) Rs 6,350 and Coconut (per tin) Rs 2,550-2,600.

Non-edible oils: Linseed Rs 8,800, Castor Rs 8,500-8,600, Neem Rs 5,350-5,450.