Groundnut oil firms up on rising demand

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Mumbai: Groundnut oil prices firmed up at the oils and oilseeds market here today on higher demand from stockist and retailers on the back of forthcoming festivities.

Refined palmolein also spurted on renewed retail offtake. In the non-edible section, castor seeds bold and castor oil commercial advanced on sustained demand from shippers and soap industries.

Meanwhile, linseed oil remained bearish owing to lack of demand from paint and allied industries. In futures, castor seeds also strengthened on increased speculative demand following steady export enquiries.

In the edible segment, Groundnut oil rose by Rs 20 per 10 kg to Rs 1,050 from Friday’s closing level of Rs 1,030. Refined palmolein gained by Rs 10 per 10 kg to Rs 510 from Rs 500. Turning to non-edible segment, Castor seeds bold added by Rs 35 per 100 kg to Rs 3,400 from Rs 3,365 and castoroil commercial also moved up Rs 7 per 10kg to Rs 710 from Rs 703.

However, linseed oil declined by Rs 5 per 10 kg to Rs 775 as compared to Rs 775 previously.

Moving to futures, castor seed December contract resumed higher at Rs 3,650 and surged further to finish at Rs 3,715 as against Rs 3,635 on Friday,showing a net gain of Rs 80 per tonne.

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