Groundnut oil prices gain on renewed demand

MUMBAI: Groundnut oil prices gained in an otherwise sluggish oils and oilseeds Vashi wholesale market here today on renewed demand from stockists and retailers.

Meanwhile, refined palmolein edged down on subdued demand from retailers.

In the non edible section, castorseeds bold and castor oil commercial fell due to lack of demand from shippers and soap manufacturers.

Linseed oil continued its downtrend owing to weak demand from paint and allied industries.

In the futures market, castorseeds maintained the downtrend on heavy speculative selling pressure on the back of poor export enquiries.

In the edible section, groundnut oil climbed by Rs 10 per 10 kg to Rs 1,210 from Tuesday's closing level of Rs 1,200. However, refined palmolein softened by a rupee to Rs 509 per 10 kg.

In the non-edible section, Castorseeds bold dropped by Rs 60 per 100 kg to Rs 3,490 from Rs 3,550 and castoroil commercial also slid by Rs 12 per 10 kg to Rs 728 as against Rs 740. Linseed oil slipped by Rs 5 per 10 kg to Rs 770 as compared to Rs 775 yesterday.

Turning to futures, castorseeds June contract resumed lower at Rs 3,698 and drifted further to close at Rs 3,630 from Rs 3,738 previously, showing a net fall of Rs 108 per tonne.