Refined palmolein continues to rise on strong demand

Refined palmolein continued to surge at the oilseeds market here today due to heavy offtake from stockists and bulk consumers ahead of the festival season.

Groundnut oil also edged higher on better retail demand amid lower arrivals from producing regions.

Castorseeds bold and castoroil commercial firmed up owing to renewed demand from shippers and soap units.

Castorseed futures rose marginally on fresh enquiries from exporters.

In the edible segment, refined palmolein strengthend by Rs 12 per 10 kg to Rs 466 from Friday's closing level of Rs 454 and groundnut oil moved up by Rs 5 per 10kg to Rs 855, as against Rs 850 previously. 

Turning to non-edible section, castorseeds bold went up by Rs 35 per 100kg to Rs 3,885 from Rs 3,850 and castoroil commercial gained by Rs 7 per 10kg to Rs 807 from Rs 800 yesterday.   

Moving to futures section, castorseeds December contract resumed higher at Rs 3,548, but later declined to touch a low of Rs 3,525.

However, it recovered to close at Rs 3,539, as against Rs 3,532 previously, showing a modest gain of Rs 7 per tonne.