Refined palmolein gains above others in the oil market

Mumbai, Aug 22: Refined palmolein prices spurted at the oils and oilseed market here today due to heavy demand from retailers amidst approaching festivities.

Groundnut oil prices dropped further on subdued demand from stockist and retailers. In the non-edible section, castor seeds bold and castor oil commercial prices recovered smartly on fresh demand from shippers and soap industries.

Linseed oil ruled stable in the absence of any worthwhile buying. In the futures market, castor seeds for the month of September gained further following sustained speculative buying amidst good export enquiries. In the edible segment, refined palmolein shot-up by Rs 18 per 10 kg to Rs 588 from Wednesday's closing level of Rs 570. However, groundnut oil fell by Rs 20 per 10kg to Rs 950 as against Rs 970 previously.

In the non-edible segment, castor seeds boldly climbed by Rs 55 per 100kg to Rs 3,555 from Rs 3,500 and castor oil commercial moved up by Rs 11 per 10kg to Rs 741 compared to Rs 730.

Lin seeds oil closed unchanged at Rs 740 per 10kg. In the near future, castor seed for the September contract resumed higher at Rs 3,560 and went up further to Rs 3,630 before finishing at Rs 3,597 from Rs 3,542 previously, showing a net gain of Rs 55 per tonne.

PTI