Rising trend in groundnut oil on better demand

Groundnut oil prices continued to rise at the oils and oilseeds market here today on better demand from stockists on the back of lower arrivals from the producing regions.

Refined palmolein held steady in the absence of buying support. Castorseed bold and castoroil commercial firmed up due to persistent demand from shippers and soap manufacturing units.

Castorseed futures also edged higher on good export enquiries. Linseed oil ruled steady in the absence of market moving factors.

In the edible section, groundnut oil rose further by Rs 5 per 10 kg to Rs 775 from overnight closing level of Rs 770 while refined palmolein closed unchanged Rs 404 per 10 kg.

Turning to the non-edible section, castorseeds bold edged up by Rs 10 per 100 kg to Rs 3,535 from Rs 3,525 and castoroil commercial also moved up by Rs 2 per 10 kg to Rs 737 as against Rs 735.

Linseed oil closed stable at Rs 495 per 10 kg.

Moving to the futures section, castorseed's August contract resumed lower at Rs 3,522 and moved in a range of Rs 3,532 and Rs 3,532 before settling at Rs 3,532 from yesterday's closing level of Rs 3,530, showing a mere gain of Rs 2 per tonne.