Industrial oil rules firm on rising demand

Prices of castorseeds bold and castoroil commercial remained firm at the oils and oilseeds market here today due to persistent demand from shippers and soap manufacturers.

Shortage of supplies from key producing regions as well as heavy export demand also fueled the market sentiment.

Castorseeds futures also shot up further on sustained export enquiries coupled with rising spot demand. Meanwhile, groundnut oil, refined palmolein and linseed were closed unchanged in the absence of market moving factors. 

In the non-edible oil section, castorseeds bold rose by Rs 50 per 100 kg to Rs 5,350 from yesterday's closing level of Rs 5,300 and castoroil commercial firmed up to Rs 10 per 10 kg to Rs 1,100 as against Rs 1,090 previously.

Linseed oil, however held steady at Rs 710 per 10 kg.

Turning to futures section, castorseeds for March delivery resumed higher at Rs 4,198 and hardened further to Rs 4,260 before ending at Rs 4,240 from Rs 4,184 yesterday, showing a gain of Rs 56 per tonne.

However, groundnut oil and refined palmolein both closed unaltered at Rs 770 and Rs 590 per 10 kg respectively.