Refined palmoil surges on consistent demand

Groundnut oil ruled steady in the absence of any worthwhile buying.

Castorseeds bold and castoroil commercial moved up following renewed demand from shippers and soap manufacturer. Linseed oil also rose on fresh demand from paints and allied industries.

In futures, castorseeds prices rallied further on heavy speculative buying amidst firm export orders.

In the edible-segment, refined palmoil spiked by Rs 8 per 10 kg to Rs 615 from last Saturday's closing level of Rs 607.Groundnut oil closed unchanged at Rs 1,185 per 10 kg.

Turning to non-edible, castorseed bold gained by Rs 15 per 100 kg to Rs 3,290 from Rs 3,275 and castoroil commercial went up by Rs 3 per 10 kg to Rs 688 as against Rs 685 and Linseed oil climbed by Rs 10 per 10 kg each to Rs 715 from Rs Rs 705 last weekend.

Moving to futures, castorseed for the September contract resumed higher at Rs 3,525 and shot up to close at Rs 3,589 as compared to Rs 3,511 last weekend, showing a smart gain of Rs 78 per tonne.