Refined palmolein spurts on strong demand

Refined palmolein prices rose at the oils and oilseeds market here today due to brisk buying by stockists and traders as well as rising domestic demand.    

Bullish trend in Malaysian markets too influenced the trading sentiment. Groundnut oil, other edible oil, however ended stable trend in the absence of worthwhile buying activity.   

Castorseeds bold and castoroil commercial rallied on the back of consistent demand from industrial users amidst supply constraints. 

Castorseeds futures market turned highly bullish owing to hectic speculative buying spree, supported by surging spot demand.

In the edible oil section, refined palmolein strengthened by Rs 8 per 10 kg to Rs 598 from last Saturday's closing level of Rs 590. Groundnut oil held steady at Rs 770 per 10 kg.

Turning to non-edible segment, castorseeds bold hardened by Rs 100 per 100 kg to Rs 5,450 from Rs 5,350, while castoroil commercial surged by Rs 20 per 10 kg to Rs 1,120 as compared to Rs 1,100 previously.

Linseed oil closed unaltered at Rs 710 per 10 kg. 

Moving to futures section, castorseeds for March delivery resumed sharply higher at Rs 4,385 and moved in a range of Rs 4,390 and Rs 4,310 before ending at Rs 4,375 over its last weekend closing level of Rs 4,240, disclosing a hefty jump of Rs 135 per tonne.