Refined palmolein decline on lower offtake

Refined palmolein prices declined at the oils and oilseeds market here today on poor retail offtake coupled with bearish Malaysian cues.

Groundnut oil held steady due to lack of any worthwhile buying. Meanwhile, castorseeds bold and castoroil commercial surged owing to sustained demand from industrial users.  

Castorseeds futures also gained further on bullish export enquiries supported by firm spot demand.

In the edible oil segment, refined palmolein eased by Rs 4 per 10 kg to Rs 568 from overnight closing level of Rs 572. Groundnut oil closed unchanged at Rs 755 per 10 kg.  

Turning to non-edible section, castorseeds bold spurted by Rs 125 per 100 kg to Rs 5,300 from Monday's closing level of Rs 5,175 and castor oil commercial rose by Rs 25 per 10 kg to Rs 1,090 as compared to Rs 1,065.

Linseed oil were unaltered at Rs 660 per 10 kg.

Moving to futures section, castorseeds for June delivery resumed higher at Rs 4,830 and touched a high of Rs 4,904 before ending at Rs 4,866 from Rs 4,810 yesterday, showing a further gain of Rs 56 per tonne.