Industrial oil rebounds on hectic demand

Castorseed bold and castor oil commercials prices rebounded smartly at the oils and oilseeds market here today on fresh demand from shippers and soap industries. 

Castorseeds futures also surged further on heavy speculative build-up coupled with bouyancy in spot market.  

Linseed oil maintained a stable trend in the absence of market moving factors.

Meanwhile in edible section, groundnut oil and refined palmolein held steady on lack of any worthwhile buying activity. 

In the non-edible section, castorseeds bold spurted by Rs 125 per 100 kg to Rs 5,850 from Monday's closing level of Rs 5,725, and castoroil commercial rose by Rs 25 per 10 kg to Rs 1,200 as against Rs 1,175 yesterday.

Linseed oil closed unchanged at Rs 685 per 10 kg.

Turning to futures section, castorseeds for March delivery resumed higher at Rs 5,330 and firmed up further to Rs 5,460 before settling at Rs 5,440 from overnight closing level of Rs 5,315, disclosing a sharp gain of Rs 125 per tonne.   

However, groundnut oil and refined palmolein ended unaltered at Rs 765 and Rs 588 per 10 kg respectively.