Groundnut oil prices spurt on good demand; palmolein drops

Groundnut oil prices rose at the oils and oilseeds market here today due to brisk buying from stockists and retailers amid restricted arrivals.
While, refined palmolein dropped sharply after five-straight session rally on aggressive unwinding by speculators following sluggish Malaysian cues.
In the non-edible segment, castorseeds bold and castoroil commercial recovered on the back of fresh demand from soap units coupled with good export enquiries.
Linseed also firmed up owing to increased buying from paint and allied industries.
In futures market, castorseeds declined on subdued speculative demand along with weak exports.
In the edible section, Groundnut oil surged by Rs 10 per 10kg to Rs 1,060 from Tuesday's closing level of Rs 1,050, while refined palmolein shed by Rs 7 per 10kg to Rs 528 as compared to Rs 535.

Turning to non-edible segment, Linseed oil moved up by Rs 5 per 10kg to Rs 740 from Rs 735 previously.
Castorseeds bold went up by Rs 25 per 100kg to Rs 3,575 from Rs 3,550 and castoroil commercial gained by Rs 5 per 10kg to Rs 745 as against Rs 740.
Moving to futures, Castorseeds June contract resumed slightly higher at Rs 3,641, but later drifted back to a low of Rs 3,600 before closing at Rs 3,625 from yesterday's closing level of Rs 3,640, registering a modest loss of Rs 15 per tonne.