Edible oils rallies on festive demand

Prices of both Groundnut oil and Refined palmolein recovered smartly in a fairly active oils and oilseeds market here today on good festive offtake from bulk consumers and retailers.

Castorseeds bold and castoroil commercial firmed up due to renewed demand from shippers and soap industries.

Castorseeds futures also advanced further owing to better export enquiries.

In edible oil segment, groundnut oil rose by Rs 10 to Rs 700 per 10 kg from Wednesday's closing level of Rs 690 and refined palmolein strengthened by Rs 11 to Rs 501 per 10 kg, as against Rs 490 yesterday.

Turning to non-edible oil section, castorseeds bold moved up by Rs 10 to Rs 3,790 per 100 kgs from Rs 3,780 and castoroil commercial edged up by Rs 2 to Rs 788 per 10 kg, as against Rs 786 in the previous session. Linseedoil held steady at Rs 550 per 10 kg.

Moving to futures trade, castorseeds for December delivery resumed higher at Rs 3,514 and firmed up further to Rs 3,530 before closing at Rs 3,516 from yesterday's close of Rs 3,504, disclosing a further gain of Rs 12 per tonne.