Groundnut oil flares up on supply squeeze

Groundnut oil prices continued to surge at the oils and oilseeds Vashi wholesale market here today on heavy demand from stockist and exporters on the back of restricted supply from the producing regions.
Refined palmolein edged up further on firm demand from retailers on the back of bullish Malaysian cues.
In the non-edible section, castorseeds bold, castor oil commercial and linseed oil all ruled steady in the absence of any worthwhile buying.
On the futures market, castorseeds recovered on speculative buying following fresh export enquiries.
In the edible section, Groundnutoil jumped by Rs 30 per 10kg to Rs 1,100 from its last weekend's level of Rs 1,070. Refined palmolein inched-up by a rupee per 10kg to Rs 510.

Moving to futures, Castorseeds June contract opened steady at Rs 3,330 and later drifted to Rs 3,290 before finishing at Rs 3,335 from last Saturday's closing level of Rs 3,320, a net gain of Rs 15 per tonne.
Turning to non-edible, Castorseeds bold, castoroil commercial and linseed oil all closed unchanged at Rs 3,400 per 100kg, Rs 710 per 10kg and Rs 740 per 10kg, respectively.