Refined palmolein edges up on mild demand

Refined palmolein prices moved up slightly at the oils and oilseeds market here today on fresh retail buying coupled with firm Malaysian cues.

Groundnut oil, the other edible oil however continued to trade steady in the absence of necessary buying support. Meanwhile, castorseeds bold and castoroil commercial declined due to reduced demand from industrial users.  

On the other hand, castorseeds futures rebounded sharply on the back of aggressive buying by traders and speculators. 

Linseed oil closed unchanged owing to lack of buying support. In the edible-oil segment, refined palmolein inched up to Rs 588 per 10 kg from last Saturday's closing level of Rs 587.

Groundnut oil closed unaltered at Rs 755 per 10 kg.

Turning non-edible section, castorseeds bold slipped by Rs 25 per 100 kg to Rs 5,725 from Rs 5,750 and castoroil commercial fell by Rs 5 per 10 kg to Rs 1,175 as compared to Rs 1,180 previously.

Linseed oil held steady at Rs 685 per 10 kg.

Moving to futures section, castorseeds for March delivery resumed higher at Rs 5,225 and rose further to end at Rs 5,315 from last weekend's closing level of Rs 5,195, disclosing a smart gain of Rs 120 per tonne.