Select edible oils strengthen on rising demand

NEW DELHI, July 21: Select edible oil prices advanced for the second straight week at the wholesale oil and oilseeds market on increased buying by vanaspati millers, driven by rising demand from retailers against tight supplies.
Castor and linseed oils in the non-edible section also ended higher on increased offtake by consuming industries.
Traders said pick-up in offtake by vanaspati millers to meet rising demand from retailers against tight stocks position on fall in supplies from producing regions mainly led to the rise in prices.
Meanwhile, India’s imports of vegetable oils increased by 15 per cent in June at 13.44 lakh tonnes, according to industry data.
In the national capital, groundnut mill delivery (Gujarat) oil rose by Rs 200 to Rs 8,600 per quintal, while groundnut solvent refined traded higher by Rs 20 to Rs 1,750-1,850 per tin on increased offtake.
Mustard expeller (Dadri) and cottonseed mill delivery (Haryana) oils too moved up by Rs 100 and Rs 50 to Rs 8,000 and Rs 7,550 per quintal respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also edged up by Rs 50 each to Rs 7,700 and Rs 7,300 per quintal respectively.
In the non-edibles section, castor oil rose by Rs 200 to Rs 7,600-7,700 per quintal on increased industrial offtake.
Linseed oil gained Rs 100 to Rs 9,300 per quintal on uptick in demand from paint industries. (PTI)