Refined palmolein moves up on better offtake

Refined palmolein prices moved up in an otherwise sluggish oils and oilseeds market here today on better retail buying. Groundnut oil, other edible oil however closed stable in the absence of demand. 

Meanwhile, castorseeds bold and castor oil commercial declined further owing to subdued demand from shippers and soap industries.

Castorseeds futures also declined on sustained offloading from traders on spot market trend. Linseed oil continued to rule steady due lack of worthwhile buying activity. 

In the edible segment, refined palmolein edged up by Rs 2 per 10 kg to Rs 584 from overnight closing level of Rs 582. Groundnut oil held steady at Rs 870 per 10 kg. 

Turning to non-edible oil section, castorseeds bold fell by Rs 20 per 100 kg to Rs 5,150 from Thursday's close of Rs 5,170 and castor oil commercial eased by Rs 4 per 10 kg to Rs 1,060 as compared to Rs 1,064 previously.

Linseed oil closed unaltered at Rs 675 per 10 kg.

Moving to futures section, castorseeds for June delivery resumed lower at Rs 4,800 and slipped further to a low of Rs 4,785 before concluding at Rs 4,807 as against yesterday's close of Rs 4,853, disclosing a fall of Rs 46 per tonne.