Refined palmolein slips on low demand

Refined palmolein prices moved down further at the oils and oilseeds market here today due to reduced stockists off-take amid a fall in retail buying. Other edible oil, groundnut oil, however held steady in the absence of buying support.

Elsewhere, castorseeds bold and castoroil commercial declined owing to subdued industrial demand coupled with higher supplies.

Castorseeds futures also dropped owing to sustained off-loading by speculators, following weakening trend in spot markets. Linseed oil held steady in the absence of market moving factors.

In edible segment, refined palmolein fell by Rs 5 per 10 kg to Rs 460 from overnight closing level of Rs 465, while groundnut oil closed unchanged at Rs 890 per 10 kg.

Turning to non-edible section, castorseeds bold lost Rs 40 per 100 kg to Rs 4,185 from Rs 4,225 yesterday and castoroil commercial fell by Rs 8 per 10 kg to Rs 867, as against Rs 875 previously.

Linseed oil closed unaltered at Rs 550 per 10 kg.

Moving to futures section, castorseed's October contract resumed lower at Rs 3,900 and drifted further to Rs 3,865 before ending at Rs 3,880, as against Rs 3,926 yesterday, showing a loss of Rs 46 per tonne.

Similarly, the December contract opened lower at Rs 3,712 and later moved in range of Rs 3,740 and Rs 3,690 before closing at Rs 3,720 from Rs 3,765 previously, registering a fall of Rs 45 per tonne.