Edible oils decline on reduced demand, higher supply

Groundnut oil prices moved down at the oils and oilseeds market here today due to reduced buying from retailers amid increased arrivals.

Expectations of better oilseeds output on the back of good monsoon in key growing regions also weighed on the market.

Refined palmolein dropped owing to lower off-take from stockists amid falling trend in Malaysia, where prices slipped to a one-month low.

In the non-edible, linseed oil declined on lack of demand from paint and allied industries.

Castorseeds bold and castoroil commercial prices continued to rule steady in the absence of necessary buying.

Meanwhile, castorseeds futures rose on fresh export orders.

In the edible oil segment, groundnut oil went down by Rs 5 per 10 kg to Rs 845 from Tuesday's closing level of Rs 850 and refined palmolein lost by Rs 6 per 10 kg to Rs 460, as against Rs 466 previously.

Turning to the futures section, castorseed's October contract resumed higher at Rs 3,695 and strengthend further to close at Rs 3,720, as against Rs 3,688 previously, showing a smart rise of Rs 32 per tonne.

Moving to non-edible section, linseed oil dropped by Rs 10 per 10 kilo to Rs 560 from Rs 570 previously. However, castorseeds bold and castoroil commecial, both closed unaltered at Rs 3,725 and Rs 775 respectively.