Groundnut oil drops on subdued demand
Groundnut oil prices dropped at the oilseeds market here today due to reduced offtake from stockists and retailers amid improved arrivals from key producing regions.
Refined palmolein, other edible oil, however closed stable in the absence of buying support. Castorseeds bold and castoroil commercial continued to decline on the back of reduced industrial demand amid increased supplies.
Castorseeds futures also drifted owing to persistent off-loading by stockists. Linseed oil prices maintained its steady trend.
In the edible segment, groundnut oil slipped by Rs 10 per 10 kg to Rs 880 from Thursday's closing level of Rs 890, while refined palmolein closed unchanged at Rs 464 per 10 kg.
In the non-edible section, castorseeds bold dipped by another Rs 35 per 100 kg to Rs 4,115 from Rs 4,150 yesterday and castoroil commercial also lost Rs 7 per 10 kg to Rs 853, as against Rs 860 previously.
Linseed oil held steady at Rs 550 per 10 kg.
In the futures section, castorseed for October contract delivery resumed lower at Rs 3,825 and were later traded between Rs 3,835 and Rs 3,780 before closing at Rs 3,805 from Rs 3,842 previously, translating into a fall of Rs 37 per tonne.
Similarly, December castorseed contracts opened lower at Rs 3,660 and fell further to Rs 3,610 before ending at Rs 3,643, as against 3,682 yesterday, translating into a loss of Rs 39 per tonne.