|
Edible oil rises on firm global cues pick up in demand
Dec 09,2008 00:00
by
admin
Edible oils today rose by up to Rs 200 per quintal in the national capital largely in tandem with firming global trends amid pick up in demand from millers. Sentiments turned better after reports that palm oil futures in Malaysia rose for the second day on expectations that output might decline in the coming six months as plantations enter the low production season. Palm oil for February delivery rose 28 ringgit, or 1.9 per cent, to 1,527 ringgit (420 dollar) a tonne on the Malaysia Derivatives Exchange. Meanwhile, palm oil futures have lost 50 per cent so far this year on lower demand and higher production with analyst forcast that Malaysian production may rise 11 per cent this year to reach 17.5 million metric tonnes. In the national capital, Palmolein (RBD) oil prices went up by a whopping Rs 100 at Rs 3,500 per quintal, while crude palm oil (ex-Kandla) rose by Rs 60 at Rs 2,560 per quintal. Mustard expeller oil prices spurted by Rs 50 to Rs 6,650 per quintal on pick up in demand from retailers. Mustard pakki and kachi ghani oils also rose by Rs 10 each to Rs 750-915 and Rs 915-990 per tin of 15 litre respectivley. Soyabean mill delivery prices spurted by Rs 200 to Rs 5,000 per quintal, while soyabean degum (Delhi) rose by Rs 150 to Rs 4,800 per quintal. Cottonseed mill delivery oil in tandem with general trend traded Rs 100 higher at Rs 4,350 per quintal. http://economictimes.indiatimes.com/Markets/Commodities/Edible_oil_rises |