Groundnut oil slides on hectic offloading

Groundnut oil prices maintained its downtrend at the oils and oilseeds market here today on heavy unwinding by stockists in the absence of buying support.   

Refined palmolein also weakened further owing to lack of retail buying amidst poor Malaysian advices. Meanwhile, castorseeds bold and castor oil commercial gained on fresh demand from shippers and soap industries.  

In futures market, castorseeds advanced on higher export orders.

In the edible segment, groundnut oil declined by Rs 10 per 10 kg to Rs 935 from yesterday's closing level of Rs 945 and refined palmolein eased by Rs 3 per 10 kg to Rs 540, compared to Rs 543 previously. 

Turning to non-edible section, castorseeds bold firmed up by Rs 25 per 100 kg to Rs 4,935 from Friday's closing level of Rs 4,910 and castor oil commercial moved up by Rs 5 per 10 kg to Rs 1,017 from Rs 1,012.

Linseed oil closed unaltered at Rs 720 per 10 kg.

Turning to futures section, castorseeds for September delivery resumed higher at Rs 4,680 and rose further to close at Rs 4,727 from Rs 4,663 previously, showing a rise of Rs 64 per tonne.