Bizbits

G8217;nut oil prices touch record high

MUMBAI: Groundnut oil prices rallied to close at a all-time high level of Rs 575 per ten kg on the oilseeds market here today due to several reasons like higher upcountry advices, thin supply because of poor stock position and heavy festival demand, traders said.

In the futures market, castorseed December contract opened with overnight strength at Rs 1850, rallied on frantic export demand and closed at Rs 1864, showing a sharp increase of Rs 30 over the last close of Rs 1834.

In the industrial section, castor oil flared up by Rs 12 to end at Rs 457 from Rs 445 on brisk soap manufacturers8217; demand and castorseed shot up to Rs 2098 from Rs 2026 on brisk demand by shippers. Linseed oil rose by Rs 5 to close at Rs 440 from Rs 435 and linseed bold hardened by Rs 50 to Rs 1600 from Rs 1550.