Edible oils recover on renewed demand

Groundnut oil prices recovered at the Vashi oils and oilseeds Wholesale market here today on renewed demand from stockist and retailers.

Refined palmolein also regained on fresh retail buying support on the back of higher Malaysian cues.

Linseed oil declined following reduced demand from paint and allied industries.

In the non-edible segment, castorseeds bold and castoroil commercial maintained a stable trend in the absence of any worthwhile buying activity.

In the futures market, castorseeds for December recovered smartly following good speculative demand amid sustained export enquiries.

In the edible section, groundnutoil climbed by Rs 10 per 10kg to Rs 860 from last Saturday's closing level of Rs 850 and refined palmolein also moved-up by Rs 5 per 10kg to Rs 605 as against Rs 600 previously.

Moving to non-edible segment, Linseeds oil declined by Rs 5 per 10kg to Rs 805 as compared to Rs 810 previously. Castorseed bold and castor oil commercial closed unchanged at Rs 3,500 per 100 kg and Rs 730 per 10 kg, respectively.

Turning to futures, castorseed December contract opened slightly lower at Rs 3,742 and fell to Rs 3,722 before rebounding to close at Rs 3,850 from Rs 3,745 last weekend, showing a sharp gain of Rs 105 per tonne.