Refined palmolein eases on poor offtake

Refined palmolein prices moved down further in a weak oils and oilseeds market here today due to reduced offtake from stockists.

Groundnut oil closed stable in the absence of any worthwhile buying. Castorseeds bold and castoroil commercial both declined owing to lack of enquiries from shippers and soap manufacturers.

Castorseeds futures also dropped on poor export orders. Meanwhile, linseed oil continued rule steady in the absence of market moving factors.

In the edible oil segment, refined palmolein fell by Rs 3 per 10kg to close at Rs 472 from yesterday's closing level of Rs 475 while groundnut oil, held steady at Rs 860 per 10kg.

Turning to the non-edible oil sector, castorseeds bold slipped by Rs 50 per 100 kg to Rs 3,850 from Rs 3,900 and castoroil commercial declined by Rs 10 per 10 kg to Rs 800 as against Rs 810 previously.

However, linseed oil closed unaltered at Rs 550 per 10 kg.

In the futures section, castorseeds December contracts resumed lower at Rs 3,462 and drifted further to Rs 3,430 before ending at Rs 3,437 from Rs 3,480 yesterday, showing a fall Rs 43 per tonne.