Palm oil price spurts on firm global trend

Palm oil price spurts on firm global trend

New Delhi, 18 September Palm oil prices shot up in the oils and oilseeds market today on emergence of buying by stockists and vanaspati mills amid reports of a steep rise in its prices in the international markets.

However, prices of select edible and non-edible oils rose on increased offtake ahead of festive and marriage seasons.

Marketmen said palm oil in Malaysia rose for the fifth day today on optimism that crude oil prices might lift demand for vegatable oils as bio-fuels, which lifted its prices in other Asian markets.

Palmoil prices gained 15 at 4,225 per quintal on fresh buying by vanaspati mills to enlarge their positions to meet surging demands.

They said restricted supply from producing regions amid rising demand mainly pushed up both edible and non-edible oils prices.

In edible oil section, sesame mill delivery shot up by 100 to close at 5000 a quintal on better offtake.