Refined palmolein ease on poor demand

Refined palmolein weakened further in an otherwise sluggish oils and oilseeds market here today due to poor demand from retailers on the back of bearish Malaysian advice. 

While groundnut oil maintained a steady trend on lack of worthwhile buying. Castorseed bold and castor oil commercial dropped owing to stockists offering coupled with subdued demand from shippers and soap industries.

Castorseeds futures market also plunged following heavy unwinding by speculators influenced by bearish spots market. In the edible oil section, refined palmolein edged down by Rs 2 per 10 kg to Rs 561 from yesterday's closing level of Rs 563.

Groundnut oil finished stable at Rs 825 per 10 kg.   

Turning to non-edible segment, castorseed bold slumped by Rs 100 per 100 kg to Rs 5,300 from overnight closing level of Rs 5,400 and castor oil commercial declined by Rs 20 per 10 kg to Rs 1,090 as against Rs 1,110 previously.

Linseed oil were unaltered at Rs 650 per 10 kg. 

Moving to futures section, castorseeds for June delivery resumed lower at Rs 5,180 and drifted further to close at Rs 5,070 from Tuesday's closing level of Rs 5,209, showing a steep fall of Rs 139 per tonne.