Edible oils’ prices might rise of growing demand, tight stocksbusiness Updated: Jan 07, 2017 13:45 IST
Edible oils’ prices might rise of growing demand(Bloomberg)
Edible oil prices strengthened at the wholesale oils and oilseeds market during the week due to rising demand from vanaspati millers and retailers against tight supplies.
Castor oil in the non-edible section, also showed strength on increased offtake by consuming industries.
Besides, rising demand from vanaspati millers and retailers, paucity of stocks on restricted supplies from producing regions mainly kept edible oil prices higher, traders said.
In the national capital, groundnut mill delivery (Gujarat) oil moved up by Rs 100 to Rs 10,200 per quintal, while groundnut solvent refined held steady at Rs 1,800-1,900 per tin.
Mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils went up by Rs 50 each to Rs 8,600 and Rs 6,850 per quintal, respectively.
Palmolein (RBD) and palmolein (Kandla) also rose by Rs 50 each to Rs 6,200 and Rs 6,250 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils too edged up by a similar margin to Rs 6,900 and Rs 6,600 per quintal.
In the non-edible section, castor oil moved up by Rs 100 to Rs 9,850-9,950 per quintal, while linseed oil held steady at Rs 9,850 per quintal on lack of buying support from paint units.