29/11/2008 (The Hindu), New Delhi - After remaining in the negative zone for a long spell, edible oils rebounded to close higher up to Rs 800 per quintal during the week under review here after government imposed 20 per cent import duty on crude soybean oil and allowed exports of edible oils.

Pick-up in buying activity in view of marriage season and firming trends in global markets, particularly in Malaysian palm oil prices, also influenced prices here.

Soybean refined mill delivery oil prices on back of day-to-day buying activity amid firm global markets ended Rs 770 higher at Rs 5,020 per quintal, while soybean degum (Delhi) surged by Rs 800 at Rs 4,800 per quintal.

Market experts said trading sentiment turned better because of the imposition of 20 per cent import duty on crude soybean oil and allowing of edible oils export up to five kg branded pack.

They said expectations that the government might levy import duty on other edible oils also supported the rally.

Markets remain closed today on account of assembly elections in the national capital.

Meanwhile, palm oil for February delivery spurted to 457 dollar a tonne on the Malaysia Derivatives Exchange on speculations that the oil might have found a bottom after plunging 63 per cent from its record in March.

In the national capital, palmolein (RBD) and crude palm oils (ex-kandla) in tandem with general trend rose by Rs 250 each at Rs 3,650 and Rs 2,650 per quintal respectively.