Edible oils up on seasonal demand, global cues

Buoyed by a firming global trend and pick-up in demand from millers and local parties, edible oil prices strengthened at the wholesale oils and oilseeds market during the past week.

A few oils in the non-edible section also saw increased demand from consuming industries and recorded gains.

Market analysts said increased buying by vanaspati millers and retailers for the ongoing marriage season amid a firming global trend mainly pushed up wholesale edible oil prices.

In the edible section, mustard expeller oil (Dadri) rose by Rs 350 to Rs 5,700 per quintal. Its mustard pakki and kachi ghani oils also traded higher by Rs 10 each to Rs 760-915 and Rs 915-1,015 per tin, respectively.

Sesame oil advanced by Rs 50 to Rs 6,250, while cottonseed mill delivery oil (Haryana) gained Rs 80 to Rs 5,550 per quintal. Groundnut solvent refined oil rose by Rs 50 to Rs 1,400-1,410 per tin and groundnut mill delivery (Gujarat) oil moved up by Rs 20 to Rs 8,020 per quintal.

Taking cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils strengthened by Rs 80 each to Rs 6,250 and Rs 5,900, respectively, while crude palm oil (ex-kandla) traded higher by the same margin to Rs 5,350 per quintal.

Palmolein (rbd) and palmolein (Kandla) oils too traded in positive zone with a gain of Rs 80 each to Rs 5,920 and Rs 5,620 per quintal, respectively.

In the non-edible section, linseed oil moved up by Rs 50 to Rs 4,600 per quintal on fresh enquiries from paint units. Neem oil traded higher by Rs 50 to Rs 4,100-4,200 per quintal on increased offtake from soap industries.

GRAINS: Firm conditions prevailed at the wholesale grains market during the past week as wheat and other grains rose on increased buying by flour mills and stockists on rising demand.

However, adequate stocks following new crop arrivals restricted the gains in wheat dara.

Market analysts said increased buying by flour mills to meet the increased demand led to the rise in wheat dara prices.

In the national capital, wheat dara (for mills) which is mostly consumed by flour mills, rose by Rs 20 to Rs 1,195-1,200 per quintal, while wheat deshi held steady at Rs 1,600-1,750 per quintal. Atta flour mills followed suit and traded higher at Rs 660-680 per 50 kg.

Bajra also moved up by Rs 10 to Rs 1,030-1,040, while barley shot up by Rs 50 to Rs 1,425-1,450 per quintal.

PULSES: Mixed conditions continued to prevail at the wholesale pulses market during the past week as select pulses moved up on the back of rising demand from retailers, while a few others remained under pressure due to adequate supply against subdued demand.

Traders said besides rising demand from retailers, tight supply from the producing regions helped select pulses prices to trade in positive zone.

Meanwhile, state-owned trading firm MMTC invited bids for the import of 37,000 tonnes of pulses for sale in the domestic market.

In the national capital, urad and its dal chilka local rose by Rs 50 each to Rs 4,000-4,400 and Rs 4,900-5,300, respectively.

Likewise, dal best quality and dhoya traded higher by the same margin to Rs 5,400-5,900 and Rs 5,350-5,450 per quintal, respectively.

Gram, gram dal local and best quality strengthened by Rs 50 each to Rs 2,350-2,375, Rs 2,700-2,715 and Rs 2,800-2,900 per quintal, respectively.

However, rajmah chitra (Pune), (China) and red varieties lacked necessary follow up support and declined by Rs 50 each to Rs 3,450-3,850, Rs 3,550-4,050 and Rs 3,800-3,900 per quintal, respectively. Moth also weakened by Rs 50 to Rs 1,850-2,150 per quintal.

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