Palmolein, crude palm oils extend gains on firm global cues
Prices of palmolein and crude palm oils continued to rise on the wholesale market in New Delhi during the past week on persistent buying by stockists driven by firming trend in Malaysia.
However, mustard and cottonseed mill delivery oils fell due to subdued demand following end of marriage season.
Buying activity in palmolein and crude palm oils picked up after reports that palm oil prices surged in Malaysia for the second straight week, on optimism that demand from India and China would help support prices even amid the slowdown.
Meanwhile, China would import a record 5.3 million tonnes of palm oil this year and India bought 856,690 tonnes of cooking oil in January, up 87 per cent from a year ago.
In the edible section, palmolein (RBD) shot up by Rs 100 to Rs 3,700 per quintal largely in tandem with firming trend in Malaysian palm oil.
Similarly, crude palm oil (ex-kandla) surged by Rs 190 to Rs 3,020 per quintal on day-to-day buying activity.