Groundnut oil continues to rise on good demand

Groundnut oil prices continued its rising trend in the oils and oilseeds market here today on good consumer demand in view of marriage seasons as well as increased stockists and retail buying.

However, refined palmolein prices were unmoved on lower stockists offtake. Castorseed futures moved up slightly on better export orders. Meanwhile, castorseed bold and castoroil commercial and linseedoil all remained unaltered in the absence of market moving factors.

In the edible oil segment, groundnut oil gained another Rs 5 to Rs 700 from overnight closing level of Rs 695, while refined palmolein held steady at Rs 405.

Moving to the futures section, castorseeds June contract resumed higher at Rs 3,148 and moved in a range of Rs 3,155 and 3,136 before ending at Rs 3,141 from Rs 3,140 yesterday, showing a mere gain of a rupee.

Turning to the non-edible oil section, linseed oil, Castorseeds bold and castoroil commercial closed unchanged at Rs 505 and Rs 3,240 and Rs 678 respectively.