Groundnut oil hardens on heavy demand

Mumbai, Mar 24: Groundnut oil prices spiked to new highs at the oils and oilseeds market here today due to heavy demand from stockists and exporters on the back of restricted arrivals from producing regions.

Refined palmolein also spurted on good retail offtake amidst higher Malaysian advices.

Meanwhile, castorseeds bold, castor oil commercial and linseed oil all remained steady owing to the absence of market moving factors.

In the futures market, castorseed slipped on speculative selling following subdued export enquiries. In the edible section, Groundnut oil climbed by Rs 10 per 10 kg, Rs 1,185 from Thursday's closing level of Rs 1,175 and refined palmolein also went up by Rs 9 per 10 kg, Rs 603 from Rs 594 previously.

In futures, castorseed for June contract resumed slightly lower at Rs 3,640 and drifted further to Rs 3,608 before ending at Rs 3,620 from Rs 3,642 previously, showing a loss of Rs 22 per tonne.

However, moving to non-edible section, Castorseeds bold, castor oil commercial and linseed oil all were unaltered at Rs 3,550, Rs 740 and Rs 900, respectively.

PTI