Refined palmolein rises on better demand

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Mumbai, Feb 7 (PTI) Refined palmolein firmed up at theoils and oilseeds market here today due to renewed demand fromstockists and retailers coupled with higher festive offtake.

On the other hand, groundnut oil moved down on subdueddomestic buying support.

Castorseeds bold and castoroil commercial rallied owingto fresh industrial demand amidst restricted arrivals from keygrowing regions.

Castorseed futures witnessed sharp surge on the back ofheavy speculative buying supported by buoyant demand in thespot market.

In the edible section, refined palmolein gained by Rs 4per 10kgs to Rs 608 from last Saturday''s closing level ofRs 604, while groundnut oil fell by Rs 5 per 10kgs to Rs 760as against Rs 765.

Turning to non-edible oil, castorseeds bold surged byRs 100 per 100 kgs to Rs 5,700 from last weekend''s closinglevel of Rs 5,600 and castor oil commercial spurted by Rs 20per 10 kgs to Rs 1,170 as compared Rs 1,150 previously.

Linseedoil closed unaltered at Rs 710 per 10 kgs.

Turning to futures section, castorseeds for Marchdelivery resumed higher at Rs 4,800 and rallied further totouch a high of Rs 4,925 before ending the trade at Rs 4,920from last weekend''s closing level of Rs 4,793, disclosing asharp gain of Rs 127 per tonne.

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