Refined palmolein rises on heavy demand

Groundnut oil eased due to lower offtake from stockists and retailers amid ample supplies.

In non-edible oils, castorseeds bold and castorseeds commercial slipped following reduced offtake from shippers and soap industries.

In futures, castorseeds March contract moved down further owing to poor export enquiries.

In the edible section, refined palmolein firmed up by Rs 8 per 10 kg to Rs 483 from Friday's close Rs 475, however, groundnut oil went down by Rs 5 per 10 kg to Rs 1,280 from Rs 1,285 yesterday.

Turning to non-edible section, castorseeds bold fell by Rs 50 per 100 kg to Rs 3,750 from overnight close of Rs 3,800 and castoroil commercial slid by Rs 10 per 10 kg to Rs 780 from Rs 790. Linseedoil finished unaltered at Rs 815 per 10 kg.

Turning to futures, castorseed March contract resumed slightly lower at Rs 4,110 and drifted further to close at Rs 4,101 from Rs 4,115 previously, showing a modest loss of Rs 14 per tonne.