Refined palmolein eases on sluggish demand

Refined palmolein prices moved down at the oils and oilseeds market here today due to subdued domestic demand amidst adequate stocks position.

Groundnut oil, another edible oil, however closed stable in the absence of buying support. Meanwhile, castorseed bold and castoroil commercial firmed up on renewed industrial demand.

Castorseed futures also rose further on brisk buying by speculators and traders fueled by strong spot market sentiment.

In the edible oil segment, refined palmolein edged down by Rs 3 per 10 kg to Rs 543 from overnight closing level of Rs 546. However, groundnut oil held steady at Rs 775 per 10 kg.

Turning to non-edible oil section, castorseeds bold went up by Rs 50 per 100 kg to Rs 4,100 from Rs 4,050 and castoroil commercial rose by Rs 10 per 10 kg to Rs 850, as compared with Rs 840 yesterday.

Moving to futures section, castorseed December delivery resumed higher at Rs 3,950 and strengthened further to a high of Rs 3,988 before closing at Rs 3,962 over its previous close of Rs 3,925, disclosing a rise of Rs 37 per tonne.