Weekly Market Report - Oils Report

Oils and oilseeds: Industrial oils maintained its surging trend at the oils and oilseeds market during the week under review.

Castorseeds bold and castor oil commercial rose sharply due to increased offtake from industrial users and soap manufacturers coupled with higher export demand.

Apart from buoyant demand restricted arrivals from key growing belts too attributed to price rise.

Castorseed futures markets witnessed bullishness owing to heavy speculative activities supported by hectic spot demand.

Linseed oil, however, continued to rule steady in the absence of market moving factors.

Refined palmolein moved up on renewed retail as well as stockists buying support amidst higher Malaysian advices.

Groundnut oil ruled mostly steady in the absence of worthwhile buying support.

In non-edible oil segment, castorseeds bold resumed higher at Rs 5,700 and shot up further to close at Rs 6,000 from preceding weekend's level of Rs 5,600, showing a smart rise of Rs 400 per 100 kg.

Castor oil commercial opened firm at Rs 1,170 and hardened further to finish at Rs 1,230 over its weekend's level of Rs 1,150, disclosing a sharp gain of Rs 80 per 10 kg.

Linseed oil closed unchanged at Rs 710 per 10 kg.