Industrial oils slide on sluggish demand

Castorseed bold and castor oil commercial prices dropped further at the oils and oilseeds market here today due to subdued demand from consuming industries coupled with falling exports.   

Refined palmolein moved down owing to reduced retail and stockists buying. Groundnut oil, however closed stable in the absence of any worthwhile buying support.    

Castorseed futures also plunged on the back of heavy unwinding by stockist and traders influenced by bearish spot market trend. 

In the non-edible oil segment, castorseeds bold slumped by Rs 125 per 100 kg to Rs 5,175 from last Saturday's closing level of Rs 5,300 and castor oil commercial fell by Rs 25 per 10 kg to Rs 1,065 as compared to Rs 1,090 previously.

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

Turning to edible oil section, refined palmolein edged down by Rs 3 per 10 kg to Rs 586 from Rs 589, while groundnut oil ended stable at Rs 750 per 10 kg.

Moving to futures section, castorseeds for March delivery resumed sharply lower at Rs 4,703, but later moved up to touch a high of Rs 4,720 before closing lower at Rs 4,665 against last weekend level of Rs 4,799, disclosing a sharp loss of Rs 134 per tonne.