Weekly Market Report - Oilseeds Market

Oils and oilseeds: Sharp fall in refined palmolein mainly highlighted the trade on oils and oilseeds market during the week under review due to stockists offloading on the back of subdued demand from retailers, amid bearish Malaysian outlook. 

Groundnut oil moved in limited range on some consumer buying support but later it ended steady on improved supply. In non-edible segment, castorseeds bold and castor oil commercial surged owing to heavy demand from soap industries and exporters.

Castorseeds futures also hardened on heavy speculative buying amidst bullish spot demand as well as rising export orders. Linseed oil continued to rule stable due to lack of worthwhile buying.

In edible oil segment, refined palmolein opened higher at Rs 572, but later fell back to a low of Rs 553 before settling at Rs 554 as against previous weekend's level of Rs 568, disclosing a sharp fall of Rs 14 per 10 kg. 

Groundnut oil resumed moderately higher at Rs 755 and moved up further to high of Rs 765 but later fell back to close at previous level of Rs 750 per 10 kg.

Turning to non-edible section, castorseeds bold opened higher at Rs 5,175 and surged further to touch a high of Rs 5,375 before closing at Rs 5,325 over its weekend's level of Rs 5,125, clocking a sharp rise of Rs 200 per 100 kg.

Castor oil commercial too resumed firm at Rs 1,065 and strengthened further to a high of Rs 1,105 before finishing at Rs 1,095 from last weekend's level of Rs 1,055, showing a smart gain of Rs 40 per 10 kg.

Linseed oil ended steady at Rs 660 per 10 kg.

Moving to the futures section, castorseeds for June delivery resumed higher at Rs 4,740 and shot up further to a high of Rs 5,095 before concluding the week at Rs 5,045 compared to last Saturday's closing level of Rs 4,690, disclosing a steep rise of Rs 355 per tonne.