Groundnut oil zooms to touch new peak on thin supply

Groundnut oil prices zoomed to a new high of Rs 835 per 10 kg at the oils and oilseeds market here today due to sustained stockists as well as huge retail demand amidst firming trend in global markets.

Traders attributed the surge mainly due to shortage of groundnut seeds supplies from producing centres to mills. On the other hand, refined palmolein eased on poor offtake.

Linseed oil moved up owing to renewed inquiries from paint industry. Castor seed futures declined further due to lack of export enquiries.

Castor seed bold and castoroil commercial maintained steady trend in absence of market moving factors.

In edible oil section, groundnut oil shot up further by Rs 10 per 10 kg to Rs 835 from Friday's closing level of Rs 825, while refined palmolein softened to Rs 415 per 10 kg as against Rs 416 previously.

Turning to the non-edible section, Linseed oil improved further by Rs 5 per 10 kg to Rs 515 from overnight's closing level of Rs 510. Castor seeds bold and castor oil commercial both closed unaltered at Rs 3,650 per 100 kg and Rs 760 per 10 kg respectively. 

Moving to futures section, castor seed's August contract resumed lower at Rs 3,672 and dropped further to Rs 3,653 before ending at Rs 3,663 as against Rs 3,675 yesterday, showing a further loss of Rs 12 per tonne.