Edible oil prices spurt on strong global cues

Edible oil prices spurt on strong global cues
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First Published: Sun, Jun 22 2008. 11 35 AM IST
Updated: Sun, Jun 22 2008. 11 35 AM IST
PTI
New Delhi: Edible oil prices led by sesame and soyabean oils maintained an upward march for the third consecutive week, in the national capital on heavy buying by stockists sparked by firming global trend.
Palm and soybean oils were also in keen demand on reports of these oils trading higher in overseas markets.
Palm oil in Malaysia gained in five straight sessions last week on the demand outlook for its use in food, fuel and commercial applications such as soap and detergents.
Marketmen said the oils, normally used for cooking and mostly in making bio-diesel was attractive as crude oil prices rose to all-time high levels of $140 per bushel. The impact was felt in other Asian markets, including here.
They said stockists and vanaspati units were buying heavily in domestic market here to meet the demand for the coming marriage season, beginning from the first week of next month.
Sesame mill delivery was another heavily traded oil and registered a hefty gain of Rs700 at Rs7,600 a quintal, soyabean refined mill delivery followed suit and jumped up by Rs380 to Rs7,180 a quintal while soyabean degum Delhi variety shot up by Rs250 to Rs6,900 a quintal.
Globally, prices of all vegetable oils have doubled or trebled over the last 18 months as supplies were restricted due to various production shortfalls and policy imposed - export impediments, they said.
Experts said any further spike in global rates would have impact on countries like India because half of the domestic consumption is met through imports.
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First Published: Sun, Jun 22 2008. 11 35 AM IST
More Topics: edible oil | palm oil | soybeen | sesame | vanaspati |