Refined palmolein drops on lower demand

Refined palmolein prices dropped at the oils and oilseeds market here today due to lower demand from retailers coupled with adequate supply position. 

Groundnut oil held steady on thin trade.

Meanwhile, castorseeds bold and castor oil commercial recovered smartly on the back of fresh demand from shippers and soap industries.

Castorseeds futures also surged owing to heavy stockists demand amidst renewed export orders. In the edible oil segment, refined palmolein declined by Rs 7 per 10 kg to Rs 595 from Wednesday's closing level of Rs 602.

Groundnut oil closed unchanged at Rs 760 per 10 kg.

Turning non-edible section, castorseeds bold spurted by Rs 175 per 100 kg to Rs 5625 from yesterday's closing level of Rs 5,450 and castoroil commercial rose by Rs 35 per 10 kg to Rs 1,155 as against to Rs 1,120 yesterday.

Linseed oil ended unaltered at Rs 710 per 10 kg. 

Moving to futures section, castorseeds for March delivery resumed higher at Rs 5,100 and firmed up further to finish at Rs 5,220 from Rs 5,087 previously, showing a sharp rise of Rs 133 per tonne.