Edible oils extend gains on firm demand, tight supply

Press Trust of India  |  New Delhi 

Edible prices rose for yet another week at the wholesale oils and oilseeds market on the back of soaring demand from millers and retailers against paucity of stocks.

Castor oils in the non-edible section also advanced on increased offtake by consuming industries.

Traders said increased offtake by millers due to pick up in demand from retailers and tight stocks positions on fall in supplies from producing regions mainly kept edible prices higher.

Meanwhile, India's import of jumped 11 per cent to 15.12 lakh tonnes in August this year inspite of rupee depreciation as supplies dried up because of lesser shipments in previous months and improved parity in import of palm products, industry body SEA said Friday.

India, the world's leading cooking oil buyer, had purchased 13.61 lakh tonnes of edible and non-edible oils from the global market in the same month last year.

In the national capital, Groundnut mill delivery (Gujarat) oil rose by Rs 100 to Rs 9,100 per quintal.

Mustard expeller (Dadri) oil surged by Rs 250 to Rs 8,450 per quintal. Mustard pakki and kachi ghani oils traded higher by Rs 10 each to Rs 1,305-1,350 and Rs 1,355-1,455 per tin.

Sesame mill delivery and cottonseed mill delivery (Haryana) oils also rose by Rs 100 and Rs 50 to Rs 10,600 and Rs 7,850 per quintal respectively.

Palmolein (RBD) and palmolein (Kandla) oils too edged up by Rs 50 each to Rs 6,900 and Rs 6,950 per quintal respectively.

In the non-edible section, shot up by Rs 200 to Rs 7,700-7,800, while linseed oil 100 at Rs 9,500 per quintal respectively.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, September 15 2018. 12:00 IST