Groundnut oil firms up on rising demand

Refined palmolein also spurted on renewed retail offtake.

In the non-edible section, castorseeds bold and castor oil commercial advanced on sustained demand from shippers and soap industries.

Meanwhile, linseed oil remained bearish owing to lack of demand from paint and allied industries.

In futures, castorseeds also strengthened on increased speculative demand following steady export enquiries.

In the edible segment, Groundnut oil rose by Rs 20 per 10 kg to Rs 1,050 from Friday's closing level of Rs 1,030. Refined palmolein gained by Rs 10 per 10 kg to Rs 510 from Rs 500.

Turning to non-edible segment, Castorseeds bold added by Rs 35 per 100 kg to Rs 3,400 from Rs 3,365 and castoroil commercial also moved up Rs 7 per 10kg to Rs 710 from Rs 703. However, linseed oil declined by Rs 5 per 10 kg to Rs 775 as compared to Rs 775 previously.

Moving to futures, castorseed December contract resumed higher at Rs 3,650 and surged further to finish at Rs 3,715 as against Rs 3,635 yesterday, showing a net gain of Rs 80 per tonne.