Industrial oils decline on sluggish demand

Castorseed bold and castor oil commercial weakened further in an otherwise subdued oils and oilseeds market here today due to reduced demand from stockists amidst lower enquries from shippers and soap industries.

Castorseed futures also slumped owing to heavy unwinding by stockist in the absence of the export orders. 

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

Castorseeds futures also slid on poor export enquiries.

In the non-edible oil section, castorseeds bold declined by Rs 75 per 100 kg to Rs 5,500 from last Saturday's closing level of Rs 5,575 and castor oil commercial fell by Rs 15 per 10 kg to Rs 1,130 as against Rs 1,145 previously.

Linseed oil were closed unchanged at Rs 670 per 10 kg.

Turning to futures section, castorseeds for March delivery resumed lower at Rs 5,030 and plunged further to close at Rs 4,915 from Rs 5,061 last weekend, showing a sharp loss of Rs 146 per tonne. 

However, groundnut oil and refined palmolein ended unaltered at Rs 750 and Rs 577 per 10 kg respectively.