Groundnut oil advances on sustained demand

Groundnut oil prices advanced at the oils and oilseeds market here today due to sustained demand from retailers.

Meanwhile, refined palmolein softened on lower buying support. Castorseeds bold and castor oil commercial moved down further owing to poor demand from soap industries.

In futures market, castorseeds however recovered modestly on renewed export enquiries.

In the edible segment, groundnut oil gained by Rs 5 per 10 kg to Rs 950 from Monday's closing level of Rs 945, while refined palmolein looked down to Rs 534 per 10 kg.

Turning to non-edible section, castorseeds bold eased by Rs 20 per 100 kg to Rs 4,790 from Rs 4,810 and castoroil commercial edged down by Rs 4 per 10 kg to Rs 988 as against to Rs 992. Linseed oil closed stable at Rs 720 per 10 kg.

Moving to futures section, castorseeds for September delivery resumed lower at Rs 4,650 but later strengthened to touch a high of Rs 4,695 before settling at Rs 4,674 from Rs 4657 yesterday, showing a moderate gain of Rs 17 per tonne.