Refined palmolein recovers on good demand, global cues

Refined palmolein recovered at the oils and oilseeds Vashi wholesale market here today on good demand from retailers amidst higher Malaysian cues.
Groundnut oil eased further due to lack of demand from stockist and retailers.
In the non-edible section, castorseeds bold and castoroil commercial climbed following sustained demand from shippers and soap manufacturers.
Meanwhile, linseed oil maintained a steady trend in the absence of any worthwhile buying.
In the futures market, castorseeds for September surged on heavy speculative buying amidst higher export enquiries.
In the edible segment, Refined palmolein surged by Rs 8 per 10kg to Rs 580 from last Saturday's closing level of Rs 572. However, groundnutoil moved down by Rs 5 per 10kg to Rs 850 as against Rs 855 previously.

Turning to non-edible segment, Castorseeds bold gained by Rs 50 per 100kg to Rs 3,625 from Rs 3,575 and castoroil commercial also went up by Rs 10 per 10kg to Rs 755 as compared to Rs 745 previously. Linseeds oil closed unaltered at Rs 740 per 10kg.
Moving to futures, castorseed for September contract resumed higher at Rs 3,685 and shot up further to close at Rs 3,764 from Rs 3,658 last weekend, showing a smart rise of Rs 106 per tonne.