Industrial oils drops on stockist selling

Castorseed bold and castor oil commercial prices dropped at the oils and oilseeds market here today due to heavy sell-off from stockists and traders on the back of improved supplies.

On the other hand, castorseeds futures rallied further on heavy speculative buying activity. Linseed oil maintained its steady trend in the absence of any market moving factors.

In edible segment, refined palmolein moved down slightly on lower retail offtake, while groundnut oil continued to rule stable owing to lack of buying support.  

In the non-edible section, castorseeds bold dipped by Rs 75 per 100 kg to Rs 5,200 from last Saturday's closing level of Rs 5,275 and castor oil commercial slipped by Rs 15 per 10 kg to Rs 1,070 as compared to Rs 1,085.

Linseed oil were unaltered at Rs 720 per 10 kg. 

Turning to futures section, castorseeds for September delivery resumed higher at Rs 5,235 and surged further to close at Rs 5,375 over its weekend close of Rs 5,222, showing a sharp rise of Rs 153 per tonne.  

Moving to edible segment, refined palmolein softened to Rs 555 per 10 kg from Rs 556 previously. Groundnut oil were unchanged at Rs 970 per 10 kg.