Refined palmolein spurts on strong demand

Mumbai, Jan 24 (PTI) Refined palmolein prices rose atthe oils and oilseeds market here today due to brisk buyingby stockists and traders as well as rising domestic demand.

Bullish trend in Malaysian markets too influenced thetrading sentiment.

Groundnut oil, other edible oil, however ended stabletrend in the absence of worthwhile buying activity.

Castorseeds bold and castoroil commercial rallied on theback of consistent demand from industrial users amidst supplyconstraints.

Castorseeds futures market turned highly bullish owing tohectic speculative buying spree, supported by surging spotdemand.

In the edible-oil section, refined palmolein strengthenedby Rs 8 per 10kgs to Rs 598 from last Saturday''s closing levelof Rs 590. Groundnut oil held steady at Rs 770 per 10kgs.

Turning to non-edible segment, castorseeds bold hardenedby Rs 100 per 100kgs to Rs 5,450 from Rs 5,350, whilecastoroil commercial surged by Rs 20 per 10kgs to Rs 1,120 ascompared to Rs 1,100 previously. Linseed oil closed unalteredat Rs 710 per 10kgs.

Moving to futures section, castorseeds for March deliveryresumed sharply higher at Rs 4,385 and moved in a range of Rs4,390 and Rs 4,310 before ending at Rs 4,375 over its lastweekend closing level of Rs 4,240, disclosing a heafty jump ofRs 135 per tonne.