Groundnut oil spurts on heavy demand

Groundnutoil prices spurted at the oils and oilseeds market here today due to heavy demand from retailers and stockists amidst reduced arrivals from key producing centres. 

Refined palmolein also moved up further on persistent consumer buying coupled with higher Malaysian advices.

Meanwhile, castorseeds futures dropped further on lower export enquiries. However, castorseeds bold, castoroil commercial and linseed oil held steady on lack of buying support.

In edible oil section, groundnut oil rose by Rs 15 per 10 kg to Rs 800 from yesterday's closing level of Rs 785 and refined palmolein gained another Rs 2 to Rs 411 per 10 kg from Rs 409 yesterday. 

Turning to the futures section, castorseed's August contract resumed lower at Rs 3,651, and dipped further to Rs 3,620 before ending at 3,631 as against Rs 3,658 previously, showing a further fall of Rs 27 per tonne.

In the non-edible section, castorseeds bold, castoroil commercial and linseed oil all unaltered at Rs 3,265 per 100 kg, Rs 755 per 10 kg and Rs 495 per 10 kg respectively.