Edible oil strengthens on sustained millers buying

New Delhi: Supported by sustained buying by millers and retailers amid restricted supplies from producing belts, edible oil prices strengthened at the wholesale oil and oilseeds market during the week.

A few oils in the non-edible section also depicted a firm trend backed by pick up in demand from consuming industries.

Market was shut on Thursday as traders observed a 'bandh' in support of jewellers who are on an indefinite strike since March 2 against a levy of 1 per cent excise duty on non-silver jewellery.

Marketmen said persistent buying by vanaspati mills and retailers coupled with restricted supplies from producing regions mainly kept edible oil prices higher.

Meanwhile, country's vegetable oils import rose by 28 per cent to 11.10 lakh tonnes last month due to higher shipments of refined palmolein, according to industry body SEA.

In the national capital, groundnut mill delivery (Gujarat) oil edged up by Rs 50 to Rs 9,400 per quintal, while groundnut solvent refined remained flat at Rs 1,700-1,800 per tin.

Sesame mill delivery and cottonseed mill delivery (Haryana) oils went up by Rs 50 and Rs 100 to Rs 6,700 and Rs 5,700 per quintal, respectively.

Palmolein (RBD) and palmolein (Kandla) oils also gained Rs 50 each to Rs 5,650 and Rs 5,600 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils too rose by a similar margin to Rs 6,600 and Rs 6,300 per quintal, respectively.

In the non-edible section, linseed oil advanced by Rs 50 to Rs 9,200 per quintal on increased demand from paint units.

Castor oil settled higher by Rs 50 to Rs 9,400-9,500 per quintal due to increased industrial offtake.