Groundnut oil declines on demand slump
Groundnut oil prices declined sharply in an otherwise sluggish oilseeds market here today due to lower demand from retailers and stockists amid higher arrivals from key producing regions.
Refined palmolein eased owing to lack of domestic buying support coupled with lower Malaysian advices.
Castorseeds bold and castoroil commercial fell further on the back of reduced offtake from shippers and soap industry.
Castorseed futures also continued to slide owing to lower export demand.
In the edible oil segment, groundnut oil dropped by Rs 30 to Rs 830 per 10kg from last Saturday's closing level of Rs 860, while refined palmolein softened by Rs 2 to Rs 470 per 10kg as against Rs 472 previously.
Turning to non-edible section, castorseeds bold slipped by Rs 35 to Rs 3,815 per 100kg from Rs 3,850 and castoroil commercial moved down by Rs 7 to Rs 793 per 10kg, as against Rs 800 last weekend.
Linseed oil held steady at 550 per 10 kg.
Moving to futures section, castorseeds December contracts resumed lower at Rs 3,425 and drifted sharply to touch a low of Rs 3,370 before concluding at Rs 3,387 from weekend's closing level of Rs 3,437, a loss of Rs 50 per tonne.