NEW DELHI, Dec 28: Prices of palmolein and soyabean oils strengthened by Rs 50 per quintal on the wholesale oils and oilseeds market today on rising demand from retailers amid a firming global trend.
However, other edible and non-edible oils after moving in a narrow range in scattered deals, settled around previous levels.
Sentiment remained firm as palm oil, touching the highest level in 8 weeks in global markets, on optimism that record inventories in Malaysia will decline as the low- production season reduces supplies and export taxes are cut.
Meanwhile, palm oil for the contract for March delivery rose 0.7 per cent to 2,499 ringgit (USD 811) a metric ton on the Malaysia Derivatives Exchange, the highest most-active price since November 2.
In the national capital, palmolein (rbd) and palmolein (Kandla) oils added Rs 50 each to Rs 7,350 and Rs 6,850 per quintal respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also strengthened by Rs 50 each to Rs 7,300 and Rs 6,850 per quintal respectively.(PTI)
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