Refined palmolein firm up on rising demand, global cues

Refined palmolein prices firmed up further in an otherwise dull oils and oilseeds market here today on consistent demand from retailers amidst higher Malaysian cues.
Meanwhile, groundnut oil ruled stable in the absence of any worthwhile buying.
In the non-edible segment, castorseeds bold and castoroil commercial fell further due to lack demand from shippers and soap manufacturers.
Linseedoil also declined following lower demand from paint and allied industries.
In futures market, castorseeds December contract fell further on heavy speculative selling amid lower export enquiries.
In the edible segment, refined palmolein gained by Rs 2 per 10kg to Rs 570 from Monday's closing level of Rs 568. However, groundnutoil closed unchanged at Rs 840 per 10kg.

Moving to non-edible section, castorseeds bold dropped by Rs 25 per 100kg to Rs 3,490 from Rs 3,515,castoroil commercial shed by Rs 5 per 10kg to Rs 728 from Rs 733 and linseed oil moved down by Rs 5 per 10kg to Rs 750 as against Rs 755 previously.
Turning to futures, castorseeds December contract opened lower at Rs 3,710 and declined further to Rs 3,635 before closing at Rs 3,645 from Rs 3,725 previously, showing a net fall of a 80 per tonne.