Groundnut oil gains on fresh demand

Groundnut oil prices firmed up at the oils and oilseeds market here today on renewed buying from stockists as well as good retail offtake.

On the other hand, refined palmolein continued to fall on lower domestic demand coupled with adequate stock positions. Linseed oil dropped on the back of sluggish demand from paint and allied industries.

Castorseeds futures market remained weak on sustained selling from speculators and traders. Meanwhile, castorseeds bold and castoroil commercial recovered owing to fresh demand from shippers and soap industries.

In the edible oil segment, groundnut oil moved up by Rs 5 per 10 kg to Rs 755 from Thursday's closing level of Rs 750, while refined palmolein looked down by Rs 2 per 10 kg to Rs 569, against Rs 571 in the previous session.

Turning to non-edible section, linseed oil slipped by Rs 15 per 10 kg to Rs 670 from overnight closing level of Rs 685.

However, castorseeds bold rose by Rs 50 per 100 kg to Rs 5,800 from Rs 5,750 and castoroil commercial higher by Rs 10 per 10 kg to Rs 1,190 as compared to Rs 1,180 yesterday.

Moving to futures section, castorseeds for March delivery resumed slightly higher at Rs 5,263 and moved in a range of Rs 5,320 and Rs 5,205 before closing at Rs 5,215, disclosing a loss of Rs 46 per tonne.