Refined palmolein declines on weak demand

Refined palmolein prices declined modestly at the oils and oilseeds market here today due to reduced offtake from stockists amidst higher stock positions.

Groundnut oil, however closed stable in the absence worthwhile buying. Castorseeds bold and castor oil commercial dropped owing to sluggish demand from exporters and soap industries.

Meanwhile, castorseed futures market continued to surge on hectic speculative buying activity.  

In the edible segment, refined palmolein moved down by Rs 3 per 10kgs to Rs 605 from Monday's closing level of Rs 608.

Groundnut oil held steady at Rs 760 per 10 kg.

Turning to non-edible oil, castorseeds bold slipped by Rs 50 per 100 kg to Rs 5,650 from its overnight losing level of Rs 5,700 and castor oil commercial fell by Rs 10 per 10 kg to Rs 1,160 as against Rs 1,170 previously.

Linseed oil closed unchanged at Rs 710 per 10 kg.

Moving to futures section, castorseeds for March delivery resumed higher at Rs 4,970 and shot up further to Rs 5,060 before concluding at Rs 5,051 over its previous close of Rs 4,920, showing a further steep rise of Rs 131 per tonne.