(MSN News)New Delhi, Buoyed by a firming trend in global markets and sustained buying by millers and retailers, edible oils continued on their winning streak for the fifth week in a row to close with gains yesterday.
However, in the absence of demand from consuming industries, linseed oil was being quoted a shade lower at the end of the trading week to November 11.
The trading sentiment in edible oils was largely strong, in tandem with a firming trend overseas as palm oil rose to its highest level in almost four months on concerns that production in Malaysia, the world''s second-largest grower, may slow after peaking in October.
Meanwhile, January contract delivery palm oil advanced by as much as 1.3 per cent to 3,160 ringgit (USD 1,006) per metric tonne on the Malaysia Derivatives Exchange, its highest level since July 21, translating into a rise of 4.3 per cent during the week.
In addition, increased offtake by millers and retailers amid the ongoing marriage season supported the upside in edible oil prices, traders said.
Palmolein (RBD) oil rose on the back of increased demand from stockists amid a firming trend overseas, gaining Rs 70 to Rs 6,600 per quintal, while Palmolein (Kandla) oil strengthened by Rs 120 to Rs 6,300 per quintal.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils were up by Rs 50 each at Rs 6,850 and Rs 6,300 per quintal, while crude palm oil (ex-Kandla) shot up by Rs 70 to Rs 6,120 per quintal.
Mustard pakki and kachi ghani oil followed suit and strengthened to Rs 900-1,055 and Rs 1,055-1,155 per tin of 15 kg, respectively.
In line with the overall firming trend, sesame mill gained Rs 50 to Rs 6,630 per quintal, but cottonseed mill delivery (Haryana) fell by Rs 40 to Rs 6,140 per quintal.
In the non-edible oil section, linseed oil lost Rs 20 to Rs 4,580 per quintal for want of buying support from consuming industries, while castor and neem oil settled flat at Rs 8,350-8,450 and Rs 3,900-4,000 per quintal, respectively, after moving in a tight range in the absence of worthwhile activity. .
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