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Edible oils rise on vanaspati millers buying, linseed oil gains in non-edible section

Synopsis

But gains were restricted after reports that the govt might impose stock holding limits on some food items to check hoarding.

NEW DELHI: Edible oil prices rose in the wholesale oils and oilseeds market during the past week on increased buying by vanaspati millers to meet the festive season demand amid limited arrivals from producing belts.

Linseed oil in the non-edible section also firmed up on increased offtake by paint manufacturing units.

Marketmen said increased buying by vanaspati millers for the festive season against restricted arrivals from producing areas mainly led to a rise in edible oil prices.

They however said gains were restricted after reports that the government will consider imposing stock holding limits on food items like pulses and cooking oils to check hoarding for containing price rise.

The government has approved a proposal to defreeze the import tariff value on refined palm oil from the existing USD 484 per tonne and link it to current global prices.

In the national capital, groundnut mill delivery oil (Gujarat) moved up by Rs 50 to Rs 11,850 per quintal on restricted arrivals from producing belts.

Mustard expeller oil (Dadri) found fresh buying support from local parties and recorded a gain of Rs 200 to Rs 8,250 per quintal.

Sesame and cottonseed mill delivery (Haryana) oils followed suit and shot up by Rs 200 each to Rs 8,400 and Rs 6,600 per quintal, respectively.

In line with a general firming trend, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils gained Rs 100 each to Rs 8,050 and Rs 7,600, respectively.

Crude palm oil (ex-kandla) edged up by Rs 50 to Rs 7,500 per quintal.

Palmolein (RBD) and palmolein (Kandla) oils too traded in positive zone with a rise of Rs 100 each to Rs 8,250 and Rs 7,800 per quintal, respectively.

Coconut oil which remained steady for the major part of week, found fresh buying support along with higher advices from Southern region and moved up by Rs 25 to Rs 1,400-1,450 per tin.

 


In the non-edible section, linseed oil spurted by Rs 150 to Rs 5,650 per quintal on increased demand from paint manufacturing units.

Grains: Firm conditions were seen at the wholesale grains market during the past week as wheat, rice and other commodities rose on increased buying by flour mills and stockists to meet the coming festival season demand amid fall in arrivals from producing regions.

Traders said increased buying by flour mills for the coming festival season against restricted supplies due to adverse weather conditions mainly led an upward movements in wheat prices.

They said deficient rains in key growing areas also influenced commodity prices.

In the national capital, wheat dara (for mills), which consumed by flour mills rose by Rs 30 to Rs 1,320-1,325 and wheat deshi gained Rs 50 to Rs 1,700-1,920 per quintal, respectively. Atta chakki delivery followed suit and traded higher by similar margin to Rs 1,325-1,345 per 90 kg.

Atta flour mills, maida and sooji also met with festive demand and ended higher at Rs 680-710, Rs 810-830 and Rs 910-930 against last close of Rs 670-690, Rs 790-800 and Rs 880-890 per 50 kg, respectively.

In the rice section, basmati common and Pusa-1121 variety strengthened to Rs 6,700-6,800 and Rs 5,700-6,800 from previous levels of Rs 6,500-6,600 and Rs 5,600-6,700 per quintal, respectively.

Among other bold grains, bajra, maize and barely found increased demand and advanced to Rs 1,145-1,150, Rs 1,340-1,350 and Rs 1,360-1,370 as compared to previous week's close of Rs 1,060-1,075, Rs 1,235-1,240 and Rs 1,270-1,290 per quintal respectively.

Pulses: Firm trend continued in the wholesale pulses market for yet another week as most of the prices strengthened further on rising demand against restricted arrivals from producing belts.

Marketmen said rising demand against tight supplies from producing regions mainly led to an upward march in pulses.

Deficient rains, which delayed sowing of new crop also supported the uptrend in pulses, they said.

The government has said it will consider imposing stock holding limits on food items like pulses and cooking oils to check hoarding for containing price rise.

 


In the national capital, urad and its dal chilka local traded higher by Rs 550 each to Rs 4,100-4,700 and Rs 4,950-5,250 per quintal respectively. Urad dal best and dhoya gained by a same margin to Rs 5,400-5,900 and Rs 5,950-6,040 per quintal, respectively.

Moong and its dal chilka local rose by Rs 250 each to Rs 4,100-5,100 and Rs 4,950-5,350 and dal dhoya local and best quality were enquired higher by a similar margin to Rs 5,450-5,550 and Rs 6,150-6,250 per quintal, respectively.

Masoor small and bold shot up by Rs 300 each to Rs 4,000-4,300 and Rs 4,150-4,400 per quintal, respectively.

Its dal local and best quality traded higher by the same margin to Rs 5,000-5,100 and Rs 5,100-5,200 per quintal, respectively.

Malka local and best quality, which were steady for major part of week, met with fag-end buying and rose by Rs 100 each to Rs 4,500-4,550 and Rs 4,700-4,800 per quintal, respectively.

In line with a general firming trend, gram, gramdal local and best quality were higher by Rs 200 each to Rs 4,850-5,800, Rs 5,500-5,600 and Rs 5,550-5,650 per quintal, respectively.

Kabli gram small variety moved up by Rs 200 to Rs 5,200-8,700 and moth ended higher at Rs 3,000-3,400 against last close of Rs 2,650-3,050 per quintal.

Besin Shaktibhog and Rajdhani jumped up to Rs 2,290 each from previous week's level of Rs 2,070 per 35 kg.

Arhar and its dal dara variety went up by Rs 50 and Rs 100 to Rs 3,750-4,050 and Rs 5,250-5,450 per quintal, respectively.

Peas white and green too traded in positive zone at Rs 2,950-3,000 and Rs 3,000-3,100 against last close of Rs 2,825-2,850 and Rs 2,950-2,975 per quintal, respectively.

 


Sugar: The wholesale sugar climbed to Rs 3,750 per quintal -- the highest level this year -- during the past week on strong demand.

Marketmen said heavy buying from stockists and bulk consumers such as softdrink and ice-cream makers for the ongoing festival season mainly pushed up sugar prices.

They said restricted supply from mills and the government decision to increase the price of sugarcane by 17 per cent for farmers to be paid by the sugar mills further influenced the trading sentiment.

Poor monsoon in sugarcane growing regions was another reason behind upsurge in sweetener prices, they added.

Sugar ready M-30 and S-30 prices jumped up from Rs 3,350-3,550 and Rs 3,325-3,525 to settle the week at Rs 3,550-3,750, showing a rise of Rs 200 per quintal.

Mill delivery medium and second grade prices also climbed up from Rs 3,140-3,400 and Rs 3,125-3,375 to end the week at Rs 3,240-3,500 and Rs 3,255-3,475, a net profit of Rs 100 per quintal.

Among millgate excluding duty section, sugar price of Ramala and Bulandshar hardened by Rs 170 each to Rs 3,310 and Rs 3,330 per quintal.

Morna and Chandpur also spurted by Rs 180 each to Rs 3,330 and Rs 3,320 per quintal.

Mawana and Asmoli surged by Rs 190 each to Rs 3,240 and Rs 3,470 per quintal.

Jaggery: The wholesale jaggery market ended on a higher note here during the past week on fall in supply from producing region against increased offtake, depicted a rise of Rs 100 per quintal.

Muzaffarnagar and Muradnagar gur market also looked up by Rs 150 per quintal on paucity of stocks.

Marketmen said lower ready stocks against fall in arrivals from manufacturing areas on adversed weather conditions mainly pushed up the prices.

The government approving a 17 per cent hike in sugarcane price that mills pay to farmers also had a negative impact on the trading sentiment, they added.

In Delhi, gur dhayya and shakkar prices advanced by Rs 100 each to close at Rs 3,550-3,600 and Rs 3,600-3,700 per quintal.

Gur chakku and pedi also improved by Rs 50 each to end the week at Rs 3,300-3,350 and Rs 3,450-3,550 per quintal, respectively.

At Muzaffarnagar, gur chakku traded higher from Rs 2,950-3,050 to Rs 3,050-3,100 per quintal. Gur raskat also jumped up by Rs 100 to Rs 2,950-3,050 per quintal on brisk demand from cattle-feed and beer making industries.

In Muradnagar, gur pedi prices shot up from Rs 3,100-3,200 to settle at Rs 3,250-3,300, a rise of Rs 150 per quintal.




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(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

...more