Groundnut oil climbs to new highs on supply constraints

Groundnut oil prices scaled to a new highs at the oils and oilseeds market here due to heavy demand from stockists and retailers on the back of supply constraints from producing belts.

Meanwhile, refined palmolein edged down owing to lack of demand from retailers amidst bearish Malaysian advices. 

Castorseeds bold and castor oil commercial moved down further on stockist selling coupled with weak demand from exporters and soap industry. 

Castorseeds futures however, recovered moderately on fresh export enquiries.

In the edible segment, groundnut oil adavance by Rs 10 per 10 kg to Rs 950 from last Saturday's closing level of Rs 940, while refined palmolein eased by Rs 2 per 10 kg to Rs 563 from Rs 565.

Turning to non-edible section, castorseed bold fell by Rs 25 per 100 kg to Rs 4,900 from last weekend closing level of Rs 4,925 and Castoroil commercial moved down by Rs 5 per 10 kg to Rs 1,010 as against Rs 1,015. Linseed oil were unaltered at Rs 750 per 10 kg.

Moving to futures section, castorseeds for September delivery resumed slightly higher at Rs 4,570 and firmed up further to close at Rs 4,605 as compared to Rs 4,567 previously, showing a gain of Rs 38 per tonne.