Refined palmolein weakens further on lower demand

Refined palmolein declined further in an otherwise lacklustre oils and oilseeds market here today on lower demand from retailers and speculative buyers amidst bearish Malaysian advices.

Castorseeds bold and castoroil commercial also eased due to lack of demand from industrial users.

On the other hand castorseeds futures traded range-bound and settled at its overnight level on the back of sluggish export enquries.

In the edible segment, refined palmolein shed Rs 6 per 10 kg to Rs 466 from Wednesday's closing level of Rs 472, while groundnut oil held steady at Rs 860 per 10 kg.

Turning to the non-edible segment, Castorseeds bold moved down by Rs 5 per 100 kg to Rs 3,710 from Rs 3,715 and castoroil commercial looked down to Rs 772 per 10 kg, as against 773.  

In the futures segment, castorseed's October contract resumed slightly lower at Rs 3,667 and slipped further to Rs 3,661 before recovering to finish at yesterday's closing level of Rs 3,668.