Refined palmolein prices surge on global cues

Refined palmolein prices surged at the oils and oilseeds Vashi Wholesale market here today due to higher retail demand amidst bullish Malaysian cues.
While, groundnut oil continued its downtrend owing to subdued demand from stockist and retailers.
In the non-edible segment, castorseeds bold and castor oil commercial recovered on fresh demand from shippers and soap industries.
Linseed oil maintained its steady trend in the absence of any worthwhile buying.
In futures market, castorseeds for September contract rebounded on fresh speculative demand amidst good export enquiries.
In the edible section, Refined palmolein gained by Rs 6 per 10 kg to Rs 538 from Wednesday's closing level of Rs 532. However, groundnut oil softened by a rupee per 10 kg to Rs 975 as compared to Rs 980 yesterday.

Turning to non-edible segment, Castorseeds bold climbed by Rs 25 per 100 kg to Rs 3,525 from Rs 3,500, castoroil commercial went up by Rs 5 per 10 kg to Rs 735 as against Rs 730 and Linseed oil closed unchanged at Rs 740 per 10 kg.
Moving to futures, Castorseeds September contract resumed higher at Rs 3,750 and moved up further to Rs 3,780 before settling at Rs 3,758 from Rs 3,720 previously, showing net rise of Rs 38 per tonne.