Groundnut oil gains on fresh demand

MUMBAI: Groundnut oil prices recovered at the oils and oilseeds market here today due to renewed demand from stockist and retailers.

Refined palmolein strengthened further on good retail offtake following firm Malaysian cues.

Castorseeds bold and castoroil commercial surged owing to good demand from shippers and soap industries.

In futures market, castorseeds prices maintained an uptrend on consistent demand on the back of higher export orders.

In the edible section, Groundnutoil climbed by Rs 10 per 10 kg to Rs 1,200 from Tuesday's closing level of Rs 1,190. Refined palmolein rose by Rs 4 per 10 kg to Rs 601 from Rs 587. Linseed oil held unchanged at Rs 705 per 10 kg.

Turning to non-edible section, castorseeds bold spurted by Rs 40 per 100 kg to Rs 3,285 from yesterday's closing level of Rs 3,245 and castoroil commercial moved up by Rs 8 per 100 kg to Rs 687 from Rs 679.

In the futures section, castorseed for September contract resumed higher at Rs 3,540 and hovered in the range of Rs 3,580 and Rs 3,520 before finishing at Rs 3,530 from Rs 3,504 previously, showing modest gain of Rs 26 per tonne.