Groundnut oil rules firm on rising demand

Groundnut oil prices maintained the bullish trend at the oils and oilseeds market here today due to persistant demand from stockists and retailers amidst restricted arrivals from producing belts.

Meanwhile, refined palmolein edged down further on weak demand following bearish Malaysian advices. Castorseeds bold and castor oil commercial continued to decline owing to sluggish demand from shippers and soap industries.

In futures market, castorseeds slipped on subdued export enquiries on the back of sluggish spot markets. 

In the edible segment, groundnut oil added by Rs 5 per 10 kg to Rs 955 from Tuesday's closing level of Rs 950, while refined palmolein eased by Rs 2 to Rs 532 per 10 kg.

Turning to non-edible section, castorseeds bold fell by by Rs 45 per 100 kg to Rs 4,745 from Rs 4,790 and castoroil commercial moved down by Rs 9 per 10 kg to Rs 979 as compared to to Rs 988. Linseed oil ended unaltered at Rs 720 per 10 kg.

Moving to futures section, castorseeds for September delivery resumed slightly higher at Rs 4,675 and moved in a range of Rs 4,690 and Rs 4,640 before ending at Rs 4,650 from Rs 4674 previously, showing a loss of Rs 24 per tonne.