Edible oils decline on subdued demand

Groundnut oil prices declined in an otherwise sluggish oils and oilseeds market here today due to reduced stockists demand amidst adequate supply positions.

Refined palmolein also eased on lower Malaysian advices.    

Castorseeds bold and castor oil commercial slumped further on heavy offloading by stockists on the back poor demand from industrial users.

Castorseeds futures market continued to slide owing to consistent selling by speculators as well as lack of export enquiries. 

In the edible oil segment, groundnut oil fell by Rs 5 per 10 kg to Rs 760 from yesterday's closing level of Rs 765 and refined palmolein moved down by Rs 3 per 10 kg to Rs 602 as against Rs 605 previously. 

Turning non-edible section, castorseeds bold dropped by Rs 200 per 100 kg to Rs 5,450 from overnight closing level of Rs 5,650 and castor oil commercial dipped by Rs 40 per 10 kg to Rs 1,120 as compared to Rs 1,160 yesterday.

Linseed oil ended unchanged at Rs 710 per 10 kg.

Moving to futures section, castorseeds for March delivery resumed lower at Rs 5,200 and slipped further to close at Rs 5,087 from Tuesday's closing level of Rs 5,243, disclosing a further fall of Rs 156 per tonne.