Refined palmolein surges on firm demand, global cues

Refined palmolein prices surged in an otherwise lacklustre oils and oilseeds wholesale market here today on firm retail demand amidst higher Malaysian cues.
Groundnut oil and linseed oil ruled stable in the absence of any major worthwhile buying.
In the non-edible segment,castorseeds bold and castor oil commercial dropped owing to lack of demand from shippers and soap manufacturers.
In futures market, castorseeds December contract moved up modestly following slight speculative offtake as well as good export enquiries.
In the edible segment, refined palmolein climbed by Rs 8 per 10kg to Rs 570 from Tuesday's closing level of Rs 562. However, groundnutoil closed unchanged at Rs 900 per 10kg.

Moving to non-edible section, Castorseeds bold fell by Rs 15 per 100kg to Rs 3,485 from Rs 3,500 and castoroil commercial moved down by Rs 3 per 10kg to Rs 727 as against Rs 730 previously. Linseeds closed unaltered at Rs 750.
Turning to futures, castorseeds December contract opened higher at Rs 3,860, but later declined to Rs 3,820 before regaining to close at Rs 3,848 from Rs 3,842 on Tuesday, showing a marginal gain of Rs 6 per tonne.