21/03/2009 (The Hindu), New Delhi - Barring a rise in palmolein and crude palm oil, select edible and non-edible oils lost in the national capital during the week ended on Saturday, on restricted buying in the face of adequate stocks positions.

The market witnessed an adequate stocks position after fresh import by the government and a ban on export of edible oil for at least one year. Vegetable oil imports rose by 48 per cent in February to 7.62 lakh tonnes.

Stockists indulged in releasing their holdings on fears of more arrivals after the government scrapped a 20 per cent import duty on crude soyaoil.

Select non-edible oils like linseed, castor and neem were down on restricted buying by industrial units.

In the edible section, soyabean refined mill delivery oil fell by Rs 30 to Rs 4,520 per quintal and soyabean degum (Delhi) by Rs 100 to Rs 4,300 per quintal.

Palm oil gained the most in five weeks as overseas markets had a positive impact on the domestic front.

Speculators were building their positions as a weaker dollar attracted investors to commodities, including crude oil, as a hedge against inflation.

Palm and soybean oils normally used for cooking and sometimes used as an alternative to biofuel and diesel. The crude oil surged to cross USD 52 a barrel this week.