Edible oils decline further on good supply

Prices of groundnut oil and refined palmolein declined further at the oils and oilseeds market here today.

Groundnut oil declined in the absence of demand from retailers, amid good supplies from producing centres. Refined palmolein eased on poor offtake coupled with lower Malaysian advices. 

Castorseed bold and castor oil commercial dropped due to lack of enquiries from shippers and soap manufacturers.

Linseed oil also moved down on lack of inquiries from paint industry. Meanwhile, castorseeds futures recovered owing to fresh export orders.

In the edible section, groundnut oil moved down by Rs 5 per 10 kg to Rs 830 from yesterday's closing level of Rs 835 and refined palmolein eased by Rs 2 per 10 kg to Rs 568 as compared to Rs 570 in the previous session. 

Turning to the non-edible section, castorseeds bold fell by Rs 25 per 100 kg to Rs 5,050 from Rs 5,075 and castor oil commercial down by Rs 5 per 10 kg to Rs 1,040 as against Rs 1,045 in the previous close.

Linseed oil also declined by Rs 5 per 10 kg to Rs 650 from Rs 655 yesterday.

Moving to futures section, castorseeds for June delivery resumed higher at Rs 4,731 and moved in a range of Rs 4,745 and Rs 4,710 before closing at Rs 4,717 from Rs 4,704 in the previous session, showing a gain of Rs 13 per tonne.