The Hindu Business Line : Select edible oil remains up

NEW DELHI: An upward trend continued unabated in select edible oil on the wholesale oil and oilseeds market in the national capital past week as buying by retailers picked up. However, soyabean and palmolein (RBD)oil came under pressure largely because of subdued trend in global markets and reduced off take by vanaspati units.

Palm oil futures declined this week as buyers held off purchases on speculation supply will rise this quarter, damping prices. The most active September delivery contract had lost 6.2 per cent to close at 2,175 ringgit ($617) a tonne during the week on t he Malaysia Derivatives Exchange.

Meanwhile, government decided to keep base prices of edible oil unchanged for the first fortnight of July. In the national capital, groundnut mill delivery oil ended Rs 100 higher at Rs 5,800 per quintal because of rise in demand, while groundnut solve nt refined gained Rs 20 at Rs 950-990 per tin or 15 litres. Demand for mustard expeller oil also increased by Rs 20 to Rs 4,820 per quintal because of rise in local demand, while sesame mill delivery oil prices went up by Rs 100 to Rs 5,800 per quintal .

Crude palm oil (ex-kandla) fell in line with weak global trends and ended the week Rs 300 down at Rs 3,200 per quintal. Palmolein (RBD) oil taking cues from subdued Malaysian markets ended Rs 70 lower at Rs 4,130 per quintal. Soyabean refined mill deliv ery oil also fell closing at Rs 4,820 per quintal. Soyabean degum (Delhi) lost Rs 50 at Rs 4,650 per quintal.

Cottonseed mill delivery and rice bran oil, too, were in negative zone and fell by Rs 50 and Rs 100 to close at Rs 4,300 and Rs 3,500 per quintal respectively. In the non-edible section oil, linseed oil lacked necessary buying support from consuming ind ustries and lost Rs 50 at Rs 4,200 per quintal, while castor oil fell by 40 at Rs 6,210-6,310 per quintal. Rice bran and neem oil, however, remained unchanged at Rs 3,500-3,650 and Rs 4,200-4,300 per quintal respectively on some support from consuming in dustries. In the oilseeds section, mustardseed after remaining stable for the major part of the week, found some support and gained Rs 100 at Rs 2,200-2,400 per quintal. - PTI

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