Groundnut oil drops on ample supply

Groundnut oil prices dropped in an otherwise lacklustre oils and oilseeds market here today due to reduced retail demand coupled with adequate supplies.

Refined palmolein, castorseeds bold, castor oil commercial and linseed oil all held steady owing to lack of any worthwhile buying activity.

Meanwhile in futures market, castorseeds futures recovered smartly on renewed demand from exporters.

In the edible oil section, groundnut oil declined by Rs 10 per 10 kg to Rs 860 from overnight closing level of Rs 870. Refined palmolein were unaltered at Rs 577 per 10 kg.

Turning to to futures section, castorseeds for June delivery resumed higher at Rs 4,746 and moved in a range of Rs 4,776 and Rs 4,710 before ending at Rs 4,766 as against Rs 4,711 yesterday, showing a rise of Rs 55 per tonne.

However, castorseed bold, castoroil commercial and linseed oil all closed unchanged at Rs 5,100, Rs 1,050 and Rs 700 respectively