Refined palmolein slips on weak demand

Refined palmolein prices slipped at the oils and oilseeds market here today due to subdued demand from stockists and retail consumers amid weakening overseas cues.

Groundnut oil maintained a stable trend in the absence of market-moving factors.

In non-edible segment, linseed oil shot up further on consistent buying from stockists as well as strong demand from paint and allied industries.

Meanwhile, castorseeds bold and castor oil commercial declined owing to reduced industrial off-take coupled with lower export offtake. Castorseeds futures market remained sluggish on sustained selling by traders coupled with subdued spot market trend.

In the edible oil section, refined palmolein lost Rs 3 per 10 kg to Rs 577 from last Saturday's closing level of Rs 580. Groundnut oil were unaltered at Rs 870 per 10 kg. 

Turning to non-edible section, linseed oil rose by Rs 10 per 10 kg to Rs 700 from last weekend's closing level of Rs 690.

Castorseeds bold went down by Rs 25 per 100 kg to Rs 5,100 from Rs 5,125 and castor oil commercial fell by Rs 5 per 10 kg to Rs 1,050 as against Rs 1,055, previously.  

Moving to futures section, castorseeds for June delivery resumed higher at Rs 4,730 and traded in range of Rs 4,741 and Rs 4,701 before closing at Rs 4,711 as compared to Rs 4,726 last weekend, disclosing a loss of Rs 15 per tonne.