Vegetable Oil Prices To Remain Stable This Week

Though the market has started stabilising after reeling under the dollar scare, bulk transactions are still limited, dealers said.

"Edible oil trading this week will definitely be stable and at the same level as last week," Mansukh Bhai Patel, a trader said.

Trade in the market for edible oils has gained momentum, as delivery of earlier commitments have started pouring in, a trader said, adding palmolien import was likely to be at the same level as last year's.

Imports of RBD palmolien during the first nine months of the current season (November-July) was 16.75 lakh tonne, almost at the same level as against 16.26 lakh tonne last year.

 

Dealers said trade of crude palm oil would be good on account of purchase by vanaspati units though "it will have a little impact on vanaspati prices."

"Vanaspati prices are likely to be at a level of Rs 400-430 per 15 kg tin," a dealer said.

Prices of indigenous oils including groundnut, mustard and soyabean are likely to fall this week, traders said.

Last week, traders in edible oils had closed with moderate losses, while industrial oils had generally remained stable.

Oil prices in Delhi market opened on the same note today as last week and trading activity was negligible.