21/06/2008 (The Economic Times), 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 session in the 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 dollar per bushel. The impact was felt in other Asian markets.

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 Rs 700 at Rs 7,600 a quintal, soyabean refined mill delivery followed suit and jumped up by Rs 380 to Rs 7,180 a quintal while soyabean degum Delhi variety shot up by Rs 250 to Rs 6,900 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.