17/05/2008 (The Economic Times), New Delhi - Select edible oil prices led by soyabean firmed up in the national capital during the week ending today on restricted supplies amid rising global prices and closed with significant gains.
Paucity of stocks due to restricted arrivals of soybean, crude palm oil and mustard following less arrivals from Rajasthan and Gujarat supported their prices to record gains.
Soybean and crude palm oil prices were distinctly higher on the back of a steep rise in their prices in Malaysian markets, a hub of these commodities.
The two varieties of edible oil, normally used for cooking and sometime to use bio-diesel, also boosted the trend after crude oil surged to set a peak at 128 dollar a barrel.
Supply of mustard reduced sharply, which pulled down mustard expeller prices by nearly two per cent in last five trading sessions, traders said.
Import of edible oils declined as dollar appreciated about six per cent against Indian rupee, they said, adding that these factors created tight stocks position in the market.
Though, the edible and non-edible oils were briefly traded lower at mid-way on government's notification on stock limits, but many positive factors kept the prices rising.