Industrial oil plunges on hectic offloading

Castorseeds bold and castor oil commercial both tumbled at the oils and oilseeds market here today due to heavy offloading from stockists and bulk traders on the back of increased supplies.

Castorseeds futures market too witnessed a sustained unwinding from speculators amid poor export enquiries.

Meanwhile, groundnut oil, refined palmolein and linseed oil held steady on lack of any worthwhile buying activities.

In the non-edible section, castorseeds bold tanked by Rs 350 per 100 kg to Rs 5,650 from Monday's closing level of Rs 6,000 and castor oil commercial dropped by Rs 70 per 10 kg to Rs 1,160 as against Rs 1,230 yesterday.

Turning to futures section, castorseeds for March delivery resumed lower at Rs 5,380 and dropped further to end at Rs 5,243 from its overnight closing level of Rs 5,405, showing a sharp decline of Rs 162 per tonne.

However, groundnut oil, refined palmolein and linseed oil all closed stable at Rs 765, Rs 605 and Rs 710 respectively.