Groundnut oil spurts on renewed demand

Refined palmolein dropped further on subdued demand from retailers on the back of bearish Malaysian cues.

In non-edible segment, castorseeds bold and castoroil commercial rose on fresh demand from shippers and soap industries.

Linseeds oil maintained a steady trend in the absence of any necessary buying.

In futures, castorseeds rebounded on good speculative offtake amidst higher export enquiries.

In the edible segment, groundnut oil surged by Rs 10 per 10 kg to Rs 1,260 from Thursday's closing level of Rs 1,250. However, refined palmolein slipped by Rs 5 per 10kg to Rs 500 from Rs 505.

Moving to non-edible segment, castorseeds bold climbed by Rs 50 per 100 kg to Rs 3,450 from Rs 3,400 and castoroil commercial also gained by Rs 10 to Rs 720 per 10kg as against Rs 710 yesterday. Linseed oil closed unchanged at Rs 820.

Turning to futures section, castorseeds for the Dec contract resumed higher at Rs 3,540 and later rose further to Rs 3,562 before ending at Rs 3,560 as compared to Rs 3,518 previously, showing a net gain of Rs 42 per tonne.