Refined palmolein firms up on good demand

Refined palmolein prices firmed up at the oils and oilseeds market here today due to good buying enquiries coupled with higher Malaysian higher advices.

Groundnut oil, however ruled steady in the absence of market moving factors.

Meanwhile, castorseeds bold and castoroil commercial dropped sharply owing to lack of buying support from shippers and soap manufacturers amid increased supplies from producing belts.

Castorseeds futures also declined on poor export orders. Linseed oil prices maintained its steady trend.

In the edible segment, refined palmolein moved up by Rs 5 per 10 kg to Rs 469 from yesterday's closing level of Rs 464. Groundnut oil, closed unchanged at Rs 880 per 10 kg.

In the non-edible section, castorseeds bold slumped by Rs 90 per 100 kg to Rs 4,025 from Rs 4,115 yesterday and castoroil commercial also dropped by Rs 18 per 10 kg to Rs 835, as against Rs 853 previously.

Linseed oil held steady at Rs 550 per 10 kg.

In the futures section, castorseeds for October contract delivery resumed higher at Rs 3,812 and firmed up further to Rs 3,830, but later declined to close at Rs 3,773 from Rs 3,805 previously, showing a loss of Rs 32 per tonne.

Similarly, December castorseed contracts opened higher at Rs 3,652 and advanced further to Rs 3,675, however, it dropped to finish at Rs 3,598 as against Rs 3,643 yesterday, disclosing a fall of Rs 45 per tonne.