Refined palmolein recovers on fresh demand

Refined palmolein prices recovered at the oils and oilseeds market here today on fresh buying support from retailers and stockists. 

Groundnut oil dipped due to lack of retail demand amid good supplies from producing belts.

Castorseeds bold and castor oil commercial dropped sharply owing to heavy offloading by stockists coupled with subdued industrial demand. 

Castorseeds futures also slid on poor export enquiries. Linseed oil, however, closed unchanged in the absence of market moving factors.  

In the edible oil segment, refined palmolein rose by Rs 8 per 10 kg to Rs 577 from yesterday's closing level of Rs 569. On the other hand, groundnut oil eased by Rs 5 per 10 kg to Rs 750 from Rs 755 previously. 

Meanwhile in the non-edible section, castorseeds bold slumped by Rs 225 per 100 kg to Rs 5,575 from Rs 5,800 and castor oil commercial plunged by Rs 45 per 10 kg to Rs 1,145 as compared to Rs 1,190 yesterday.

Moving to futures section, castorseeds for delivery in March resumed lower at Rs 5,180 and drifted further to close at Rs 5,065 from Rs 5,215 previously, disclosing a steep fall of Rs 154 per tonne.