Edible oils advance on firm demand

Groundnut oil prices advanced in a fairly active oils and oilseeds market here today on rising demand from retailers on the back of ensuing festivities.

Refined palmolein also moved up on sustained local buying support.

Castorseeds bold and castor oil commercial spurted owing to renewed demand from shippers and soap industries.

Castorseed futures also jumped on persistent demand from exporters. Linseed oil maintained a steady trend in the absence of market moving factors. 

In the edible oil segment, groundnut oil gained by Rs 5 per 10 kg to Rs 755 from last Saturday's closing level of Rs 750 and refined palmolein also edged higher by Rs 4 per 10 kg to Rs 572 from Rs 568 previously.

Turning to non-edible section, castorseeds bold rose by Rs 50 per 100 kg to Rs 5,175 from last weekend's closing level of Rs 5,125 and castoroil commercial firmed up by Rs 10 per 10 kg to Rs 1,065 as against Rs 1,055.

Linseed oil closed unchanged at Rs 660 per 10 kg.

Moving to futures section, castorseeds for June delivery resumed higher at Rs 4,740 and shot up further to end at Rs 4,810 as compared to Rs 4,690 previously, showing a sharp gain of Rs 120 per tonne.