Groundnut oil rises on good demand

Groundnut oil prices rose modestly in the oils and oilseeds market here today on fresh demand from stockists and retailers amid low arrivals.

However, refined palmolein softened on lower Malaysian advice.

Castorseeds bold and oils declined moderately, owing to poor demand from soap manufacturers and better stockists offerings.

Castorseeds futures also moved down further on lower export enquiries.

Linseed continued to remain stable in the absence of market moving factors.
    
In the edible oils section, groundnut oil rose by Rs 5 to Rs 705 from last weekend's closing level of Rs 700, while palmolein eased by a rupee to Rs 405 from Rs 406 previously.
    
In the non-edible oils section, castorseeds bold declined by Rs 20 to Rs 3,270 from Saturday's closing level of Rs 3,290 and castoroil commercial moved down by Rs 4 to Rs 684 from Rs 688 previously.
    
Linseed oil prices remained stable at Rs 505.
    
In the futures section, castorseeds August contracts resumed higher at Rs 3,230 and later moved between a range of Rs 3,232 to Rs 3,218, before settling at Rs 3,223 from Rs 3,229 previously, translating into a loss of Rs 4.