Palmolein, groundnut oil prices rise on high demand

Saturday, Nov 26, 2016,14:08 IST By Metrovaartha A A A

New Delhi | In restricted activity, prices of palmolein and groundnut oils went up at the wholesale oil and oilseeds market during the week on pick-up in demand from retailers.

Castor oil, in the non-edible section, also strengthened on increased offtake by consuming industries.

Traders said increased demand from retailers against tight stocks position on restricted supplies from producing regions mainly led to the rise in palmolein and groundnut oil prices.
They said, however, volume of business remained thin due to tight fund positions following the government’s surprise move, banning 500 and 1,000 rupee currency notes in a bid to flush out black money.

In the national capital, palmolein (rbd) and palmolein (Kandla) shot up by Rs 150 each to Rs 5,850 and Rs 5,900 per quintal, respectively.

Groundnut mill delivery (Gujarat) oil rose by Rs 100 to Rs 10,100 per quintal. Groundnut solvent refined followed suit and traded higher by Rs 50 to Rs 1,750-1,850 per tin.

Elsewhere, other edible oils moved in a narrow range in scattered deals and pegged at the last levels.

In the non-edible section, castor oil rose by Rs 50 to Rs 9,750-9,850, while linseed oil remained steady at Rs 9,900 per quintal, respectively.