Refined palmolein drops on lower demand

Refined palmolein fell further in an otherwise lacklustre oilseeds market here today on poor stockists demand on the back of lower Malaysian advices.

Groundnut oil held steady on lack of buying support. Castorseeds bold and castor oil commercial declined owing reduced demand from industrial users.

Castorseed futures also moved down on continued stockist offloading amidst weak spot demand.    

In the edible oil segment, refined palmolein dipped  by Rs 9 per 10 kg to Rs 571 from Wednesday's closing level of Rs 580. Groundnut oil ended unchanged at Rs 750 per 10 kg.

Turning to non-edible section, castorseeds bold went down by Rs 100 per 100 kg to Rs 5,750 from Rs 5,850 and castor oil commercial slipped by Rs 20 per 10 kg to Rs 1,180 as against Rs 1,200 previously.

Moving to futures section, castorseeds for March delivery resumed lower at Rs 5,250 and drifted further to Rs 5,165 before recovering to settle at Rs 5,261 from yesterday's closing level of Rs 5,290, disclosing a loss of Rs 29 per tonne.