Groundnut oil recovers on good demand

Groundnut oil prices recovered smartly at the oils and oilseeds market here today due to renewed demand from stockists and retailers.

Meanwhile, refined palmolein ruled steady in the absence of worthwhile buying. Castorseeds bold and castor oil commercial dropped owing to subdued demand from shippers and soap manufacturers. 

In futures market, castorseeds also moved down on lower export enquiries amidst bearish spot market. 

In the edible segment, Groundnut oil spurted by Rs 10 per 10 kg to Rs 945 from last Saturday's closing level of Rs 935. Refined palmolein closed unchanged at Rs 535 per 10 kg.

Turning to non-edible section, castorseeds bold declined by Rs 40 per 100 kg to Rs 4,810 from Rs 4,850 and castoroil commercial fell by Rs 8 per 10 kg to Rs 992 as compared to Rs 1,000. Linseed oil closed unaltered at Rs 720 per 10 kg. 

Moving to futures section, castorseeds for September delivery resumed higher at Rs 4,705 and firmed up further to Rs 4,720, but later it drifted to close lower at Rs 4,657 from Rs 4696 last weekend, showing a loss of Rs 39 per tonne.