Edible oils rise on strong retail demand

Groundnut oil prices rose at the oils and oilseeds market here today due to good demand from retailers ahead of the upcoming festive season.

Refined palmolein also rallied, supported by better consumer demand amid higher Malaysian advices.

Meanwhile, castorseed futures declined, owing to lower export enquries.

Non-edible oils continued to rule steady in the absence of market moving factors.

In the edible oils segment, groundnut oil prices went up by Rs 10 per 10 kg to Rs 860 from the overnight closing level of Rs 850 and refined palmolein strengthened by Rs 15 per 10 kg to Rs 460 as against Rs 445 previously.

In the futures section, castorseed for October contract delivery resumed higher at Rs 3,745, but later drifted to close at Rs 3,726 from yesterday's closing level of Rs 3,743, translating into a fall of Rs 17 per tonne.

In the non-edible oils section, castorseeds bold, castoroil commercial and linseed oil closed unaltered at Rs 3,725 per 100 kg, Rs 775 per 10 kg and Rs 560 per 10 kg, respectively.