Select edible oils extend gains on rising demand

Select edible oils extended gains for yet another week at the wholesale oil and oilseeds market on persistent buying by vanaspati millers and retailers following beginning of festive season amid tight supplies.

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

Traders said increased offtake by vanaspati millers to meet rising demand from retailers, supported by ongoing festive season against tight stocks position on fall in supplies from producing belts mainly kept select edible oil prices higher.

The weakness in the rupee against the dollar that made imports costlier and a firm trend overseas also fuelled the uptrend, they said.

In the national capital, groundnut mill delivery (Gujarat) oil rose by Rs 200 to Rs 8,300 per quintal.

Groundnut solvent refined followed suit and edged up by Rs 50 to Rs 1,500-1,600 per tin.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also went up by Rs 100 each to Rs 7,000 and Rs 6,600 per quintal respectively.

Palmolein (RBD) and palmolein (Kandla) oils too edged higher by Rs 50 each to Rs 6,100 and Rs 6,150 per quintal.

In the non-edible section, castor oil rose by Rs 100 to Rs 9,400-9,500 per quintal. (MORE)

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)