Refined palmolein advances on rising demand

Refined palmolein prices edged up further at the oils and oilseeds market here today due to increased demand from retailers in view of festive demand.

Groundnut oil remained stable in the absence of necessary buying support. Castorseeds futures moved up on fresh enquiries from exporters.

Non-edible oil prices too maintained a steady trend owing to lack of market-moving factors.

In the edible oil segment, refined palmolein looked up Rs 2 per 10 kg to Rs 466 from overnight closing level of Rs 464, while groundnutoil closed unaltered at Rs 850 per 10 kg.

Turning to the futures section, castorseed's October contract resumed lower at Rs 3,690 and later moved in a range of Rs 3,705 and Rs 3,680 before settling at Rs 3,695, as against Rs 3,688 yesterday, showing a marginal rise of Rs 7 per tonne.

However, castorseeds bold, castoroil commercial and linseed oil were closed unchanged at Rs 3,725, Rs 775 and Rs 570 respectively.