Edible oils extend gains on firm global cues, tight arrivals
New Delhi (PTI): Select edible oil extended gains in the national capital during the week ending on Saturday on the back of firming global trends and tight supplies due to the ongoing nationwide strike by truckers.
In the non-edible section, few oils showed some strength on increased enquiries from consuming industries.
Trading sentiment in the domestic market were remained firm following reports of firming trends in Malaysian palm oil futures and increased buying by millers as well as retailers.
Marketmen said increased buying by stockists and retailers and firming trend in global markets mainly led to rise in edible oil prices.
They said nationwide truckers' strike also influenced the market sentiment to some extent.
On the Malaysian Derivatives Exchange, March-delivery palm oil climbed to 542 dollar from the previous week's level of 495 dollar a tonne on the back of rising exports.
Meanwhile, state-run trading firm PEC invited bids for sale of 2,000 tonnes of imported edible oil.
In the national capital, palmolein (RBD) oil in tandem with firming trends in Malaysian palm oil, improved gradually to close the week Rs 200 higher at Rs 3,700 per quintal, while crude palm oil (ex-kandla) ended the week Rs 250 higher at Rs 2,950 per quintal.
Agri. & Commodities