Groundnutoil spurts on heavy demand, supply pressure

Groundnutoil prices shot up further at the oils and oilseeds market here today due to increased offtake by stockists and retailers ahead of upcoming festivities amid reduced arrivals from key growing regions.
Refined palmolein, on the other hand dropped owing to subdued domestic demand.
In the non-edible segment, linseed oil rose on back of higher offtake by paint and allied industries.
Meanwhile, castorseeds bold and castoroil commercial declined on sluggish demand from shippers and soap units.
In the futures market, castorseeds December contract remained under pressure from speculative selling amid weak export enquiries.
In the edible segment, groundnutoil surged by Rs 25 per 10kg Rs 870 from last Saturday's closing level of Rs 845, while refined palmolein fell by Rs 10 per 10kg to Rs 562 from Rs 572.

Turning to non-edible section, linseed oil firmed up by Rs 5 per 10kg to Rs 760 as against Rs 755 previously.
Castorseeds bold slid by Rs 25 per 100kg to Rs 3,615 as compared to Rs 3,640 and castoroil commercial moved down by Rs 5 per 10kg to Rs 753 from Rs 758.
Moving to futures, castorseeds December contract opened lower at Rs 3,871 and drifted further to Rs 3,839 before finishing at Rs 3,848 from last weekend's level of Rs 3,875, showing a further loss of Rs 27 per tonne.