Groundnut oil reacts downward on poor demand

Prices of groundnut oil reacted downwards at the oils and oilseeds market here today due to lack of demand from retailers coupled with good supplies from the producing belts. Meanwhile, refined palmolein edged up on mild buying support.

Castorseeds bold and castoroil commercial strengthened owing to persistent enquiries from shippers and soap manufacturers. Castorseeds futures also moved up further on renewed exports orders.

Linseed oil, however ruled steady in the absence of market moving factors. In the edible segment, groundnut oil moved down by Rs 5 per 10 kg to Rs 760 from yesterday's closing level of Rs 765, while refined palmolein inched up to Rs 405 from Rs 404 per 10 kg.

Turning to the non-edible section, castorseeds bold firmed up further by Rs 35 per 100 kg to Rs 3,450 from Rs 3,415 previously and castoroil commercial also looked up by Rs 7 per 10 kg to Rs 720 against Rs 713. Linseed oil held steady at Rs 495 per 10 kg.

Moving to the futures section, castorseed's August contract opened weak at Rs 3,424, but later recovered to close to Rs 3,435 from Rs 3,426 yesterday, showing a modest gain of Rs 9 per tonne.