Edible oil gains on increased demand

Groundnut oil prices firmed up at the oils and oilseeds market here today on good demand from retailers and stockists coupled with restricted arrivals from producing belts.

Refined palmolein recovered on fresh consuming demand amidst higher Malaysian advices. Castorseed bold and castoroil commercial shop up further owing to persistent enquiries from shippers and soap industry.

Meanwhile, castorseed futures reacted downwards on lack of export orders.

In the edible oil segment, groundnut oil gained by Rs 5 per 10 kg to Rs 780 from yesterday's closing level of Rs 775 and refined palmolein also looked up by Rs 3 per 10 kg to Rs 546 from Rs 543 previously.

Turning to non-edible oil section, castorseed bold strengthened by Rs 100 per 100 kg to Rs 4,200 from Rs 4,100 and castoroil commercial rose by Rs 20 per 10 kg to Rs 870, as compared with Rs 850 yesterday.

Linseed oil, however closed unchanged at Rs 600 per 10 kg.

Moving to futures section, castorseed December delivery resumed higher at Rs 3,981, but later fell back to close at Rs 3,951 over its previous close of Rs 3,962, disclosing a marginal fall of Rs 11 per tonne.