Edible oils edge higher on better offtake

Posted By: Pti
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Mumbai, Jan 17 (PTI) Groundnut oil prices firmed up atthe oils and oilseeds market here today due to fresh demandfrom stockists and retailers.

Refined palmolein moved up slightly on domestic buyingcoupled with higher Malaysian cues.

Castorseeds bold and castoroil commercial shot up furtherowing to strong industrial demand amidst restricted arrivalsfrom key producing regions.

Castorseeds futures markets too attracted heavyspeculative buying driven by higher spot demand.

In the edible-oil section, groundnut oil moved up by Rs5 per 10 kgs to Rs 765 from last weekend''s closing level of Rs760 and refined palmolein looked up to Rs 578 per 10 kgs fromRs 577 previously.

Turning to non-edible section, castorseeds bold spurtedby Rs 100 per 100 kgs to Rs 4,850 from Rs 4,750 and castoroilcommercial rose by Rs 20 to Rs 1,000 per 10kgs from Rs 980last Saturday. Linseed oil closed stable at Rs 700 per 10kgs.

Moving to futures section, castorseeds for March deliveryresumed higher at Rs 3,840 and strengthened further to closeat Rs 3,860 as compared to Rs 3,820 in the previoussession, thereby, disclosing a smart gain of Rs 40 per tonne.

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