Industrial oils jump on heavy demand

Castorseed bold and castor oil commercial both rallied sharply at the oils and oilseeds market here today due to strong demand from stockists amid higher offtake from industrial users.    

Castorseed futures continued its rising trend on consistent stockists buying amidst rising export orders.  

Refined palmolein moved up on renewed demand from retailers on the back of firm Malaysian advices. Meanwhile, groundnut oil maintained steady trend owing to lack of buying support.  

In the non-edible oil segment, castorseeds bold surged by Rs 175 per 100 kg to Rs 5,825 from yesterday's closing level of Rs 5,650 and castor oil commercial rose by Rs 35 per 10 kg to Rs 1,195 as compared to Rs 1,160 yesterday.

Linseed oil were unaltered at Rs 710 per 10 kg.     

Turning to futures section, castorseeds for March delivery resumed higher at Rs 5,080 and traded in a range of Rs 5,125 and Rs 5,066 before settling at Rs 5,115 from Rs 5,051 yesterday, showing a smart rise of Rs 64 per tonne.

Moving to edible segment, refined palmolein gained by Rs 3 per 10 kg to Rs 608 from overnight closing level of Rs 605. Groundnut oil closed stable at Rs 760 per 10 kg.