Refined palmolein firms up on better demand

Refined palmolein prices firmed up at the oils and oilseeds market here due to renewed demand from stockists and retail consumers amid higher Malaysian cues.  

While, groundnut oil continued to rule steady in the absence of any worthwhile buying activity. Castorseeds bold and castor oil commercial recovered on the back of fresh offtake from shippers and soap industries.

In futures market, castorseed rose on speculative buying influenced by higher spot market. Linseed oil maintained stable trend owing to lack of market moving factors.

In the edible oil segment, refined palmolein moved up by Rs 4 per 10 kg to Rs 553 from Thursday's closing level of Rs 549 while, groundnut oil held steady at Rs 965.

Turning to non-edible oil section, castorseeds bold gained by Rs 15 per 100 kg to Rs 5,165 from Rs 5,150 and castoroil commercial edged up by Rs 3 per 10 kg to Rs 1,063 as compared to Rs 1,060. Linseed oil finished unchanged at Rs 710 per 10 kg. 

In the futures trade, castorseeds for September delivery resumed higher at Rs 5,045 and advanced further to Rs 5,070 before settling at Rs 5,062 from overnight close of Rs 5,030, disclosing a gain of Rs 32 per tonne.