Refined palmolein spurts on renewed demand

Prices of refined palmolein spurted in a fairly active oils and oilseeds market here today due to fresh demand from stockists, amid higher Malaysian cues.

Meanwhile, groundnut oil maintained a steady trend in the absence of buying support.

Castorseed bold and castoroil commercial turned bullish on renewed demand from shippers and soap industries. Castorseed futures rallied further hectic speculative activity, amid firm spot demand. 

In the edible section, refined palmolein rose by Rs 10 per 10 kg to Rs 595 from overnight closing level of Rs 585. Groundnut oil held steady at Rs 760 per 10 kg.

Turning to non-edible section, castorseed bold surged by Rs 100 per 100 kg to Rs 5,400 from Monday's closing level of Rs 5,300 and castor oil commercial also moved up by Rs 10 per 10 kgs to Rs 1,110 as against Rs 1,090, previously.

Linseed oil closed unchanged at Rs 710 per 10 kg.

Moving to futures section, castorseeds for March delivery resumed sharply higher at Rs 4,472 and shuttled between Rs 4,584 and Rs 4,425 before ending at Rs 4,554 from yesterday's closing level of Rs 4,426, showing a steep rise of Rs 128 per tonne.