Prices increase on poor supply

Edible oil prices continued to rise in the wholesale oil and oilseed market on Tuesday on aggressive buying by stockists against paucity of stocks.

Marketmen said a fall in import of edible oils in the last two months due to high international prices caused a tight stocks position in the market and pushed up the prices of edible oils used in manufacturing vanaspati ghee.

The Solvent Extractors' Association on Tuesday said import of oils fell to 276,782 metric tonnes from 367,388 tonnes a year earlier.

Strong global advices in soyabean and palm oils also enthused the trading sentiment to some extent, they added. In edible oils section, sesame oils shot up by Rs 300 to settle at Rs 7,300 a quintal.

Soyabean refined mill delivery and soyabean degum Delhi oils gained by Rs 50 each to settle at Rs 6,100 and Rs 5,950 a quintal. Crude palm oil ex-kandla also posted higher by Rs 50 to finish at Rs 5,150 a quintal in line with the general trend.

Mustard expeller oils moved up by Rs 50 to close at Rs 5,700 a quintal while cottonseed mill delivery edged up by Rs 30 to Rs 5,530 a quintal on renewed vanaspati units buying.