Refined palmolein rises on domestic demand

Refined palmolein prices rose at the oils and oilseeds market here today on brisk buying from stockists and bulk traders. While, groundnut oil closed stable in the absence of any worthwhile buying activity.

Castorseeds bold and castor oil commercial continued to move up owing to consistent demand from exporters and soap manufacturers. Castorseeds futures also gained on increased buying by speculators influenced by firm spot market. 

Linseed oil, which rallied in last two sessions closed unchanged due to lack of buying support.   

In the edible segment, refined palmolein firmed up by Rs 7 per 10 kg to Rs 582 from Tuesday's closing level of Rs 575. Groundnut oil held steady Rs 850 per 10 kg.

Turning to non-edible oil section, castorseeds bold edged higher by Rs 20 per 100 kg to Rs 5,195 from overnight closing level of Rs 5,175 and castor oil commercial looked up by Rs 4 per 10 kg to Rs 1,069 as against Rs 1,065 previously. 

Linseed oil closed unaltered at Rs 675 per 10 kg.

Moving to futures section, castorseeds for June delivery resumed higher at Rs 4,925 and strengthened further to Rs 4,970 before ending at Rs 4,910 compared to yesterday's close of Rs 4,900, disclosing a rise of Rs 10 per tonne.