Monday, November 29, 1999

Demand spikes groundnut oil prices

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Mumbai, June 17 (PTI) Groundnut oil prices continued to surge at the oils and oilseeds market here today due to robust stockists and retailers buying driven by strong consumer demand. Restricted arrivals from key producing centres also aided the uptrend. Refined palmolein, the other edible oil, however softened on reduced demand. Elsewhere, castorseed bold and castoroil commercial firmed up owing to better offtake from shippers and soap industry. Castorseed futures too strengthened further on the back of persistent export enquiries. In the edible segment, groundnut oil gained Rs 10 per ten kilos to Rs 735 from yesterday''s closing level of Rs 725, while refined palmolein softened by Rs 2 per ten kg to Rs 402 against Rs 404 previously. Turning to non-edible section, castorseed bold edged up by Rs 15 per 100 kg to Rs 3,310 from Rs 3,295 and castoroil commercial moved up by Rs 3 per 10 kg to Rs 692 against Rs 689. Moving to the futures section, castorseed''s August contract resumed higher at Rs 3,276 and hardened further to close at Rs 3,319, against Rs 3,269 of previously, showing a smart gain of Rs 50 per tonne.

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