Weekly Markets Report: Mustard and groundnut oils extend gains in mixed trend

New Delhi, Aug 2: In a mixed pattern of trading, prices of mustard and groundnut oils rose further at the wholesale oils and oilseeds market during the week on continued buying by retailers while a few others turned bearish on subdued demand against adequate stocks position.

However, non-edible oils moved in a narrow range in scattered deals from consuming industries and settled around previous levels.
Traders said sustained buying by retailers to meet seasonal demand mainly led to the rise in mustard and groundnut oil prices. Adequate stocks position on increased arrivals from producing regions against sluggish demand kept pressure on other edible oil prices.

In the national capital, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils remained in demand and advanced by Rs 50 each to Rs 7,650 and Rs 7,150 per quintal respectively. Mustard pakki and kachi ghani oils after moving in tight range on some support, settled at last levels of Rs 1,225-1,275 and Rs 1,275-1,375 per tin respectively.

On the other hand, sesame mill delivery and cottonseed mill delivery (Haryana) oils lacked necessary follow-up support and fell by Rs 300 and Rs 50 to Rs 8,900 and Rs 6,450 per quintal respectively. Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also shed Rs 50 each to Rs 6,900 and Rs 6,600, while crude palm oil (ex-kandla) held steady at Rs 5,300 per quintal, respectively.

Palmolein (rbd) and palmolein (Kandla) oils too ended lower by Rs 50 each to Rs 6,200 and Rs 6,000 per quintal, respectively. In the non-edible section, linseed, castor and neem oils moved in a tight range on lack of worthwhile activity from consuming industries and settled at last week’s levels of Rs 7,750, Rs 9,650-9,750 and Rs 5,350-5,450 per quintal respectively.

The wholesale grains market ended the week on mixed note as rice basmati and barley prices rose on persistent buying by exporters and stockists against restricted arrivals from producing belts while wheat and few other bold grains drifted on increased supplies. Marketmen said sustained buying by exporters against restricted arrivals from producing belts mainly led to the rise in rice basmati prices.They said increased supplies against increased offtake by flour mills kept pressure on wheat prices.

In the national capital, rice basmati common and Pusa-1121 variety advanced to Rs 9,400-10,600 and Rs 8,000-11,000 from previous closing of Rs 9,000-10,400 and Rs 7700-10,200 per quintal respectively. Barley, which remained steady for the major part of week, found fresh buying support from consuming industries and ended higher by Rs 10 to Rs 1330-1340 per quintal. On the other hand, wheat dara (for mills) fell by 15 to Rs 1,575-1,580 per quintal.

Atta chakki delivery followed suit and traded lower by Rs 10 to 1,585-1,590 per 90 kg. Atta flour mills, maida and sooji were also eased to Rs 840-845, Rs 900-980 and Rs 990-1000 against last close of Rs 845-850, Rs 970-980 and Rs 1,015-1,025 per 50 kg respectively.
Other bold grains like, bajra and maize declined by Rs 15 each to Rs 1,230-1,235 and Rs 1,250-1,255 per quintal respectively.