Edible oils slip on subdued demand

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

Refined palmolein edged lower on weak consumer demand amid bearish Malaysian cues. Castorseeds futures also declined sharply on heavy stockists liquidation.

Meanwhile, castorseeds bold, castoroil commercial and linseed oil remained stable in the absence of necessary buying support.

In edible segment, groundnut oil fell by Rs 5 per 10 kg to Rs 890 from yesterday's closing level of Rs 895 and refined palmolein looked down by Rs 3 per 10 kg to Rs 465, as against Rs 468 previously.

Turning to futures section, castorseed's October contract resumed lower at Rs 4,018 and dropped further to close at Rs 3,926 from Rs 4,026 yesterday, showing a sharp loss of Rs 100 per tonne.

The new December month contract which opened at Rs 3,831, also ended lower at Rs 3,765. However, castorseeds bold, castoroil commercial and linseed oil were unchanged at Rs 4,225, Rs 875 and Rs 550, respectively.