Edible and non-edible oils decline on sluggish demand

Groundnut oil prices declined in an otherwise sluggish oils and oilseeds market here today due to weak demand from stockist and retailers amidst ample supplies from producing belts.
Refined palmolein eased in the absence of buying support from retailers amidst bearish Malaysian cues.
In the non-edible segment, Castorseeds bold and castor oil commercial also slipped owing to lower offtake from shippers and soap manufacturers.
Meanwhile, linseed oil ruled stable in the absence of any worthwhile buying.
In futures market, castorseeds December contract recovered modestly on speculative buying on the back of fresh export enquiries.
In the edible segment, groundnutoil fell by Rs 10 per 10kg to Rs 870 from last Saturday's closing level of Rs 880. and refined palmolein softened by rupee per 10kg to Rs 564 as against Rs 565 previously.

Moving to non-edible section, castorseeds bold moved down by Rs 5 per 100kg to Rs 3,525 from Rs 3,530 and castoroil commercial inched-down by a rupee per 10kg to Rs 735 as compared to Rs 736 last weekend. However, linseed oil closed unchanged at Rs 745 per 10kg.
Turning to futures, castorseeds December contract opened slightly lower at Rs 3,746 and moved between to Rs 3,778 and Rs 3,726 before closing at Rs 3,768 from Rs 3,750 last weekend. Showing a marginaly gain of Rs 18 per tonne.