Edible oil prices decline on lower offtake

Groundnut oil prices declined at the oils and oilseeds Vashi Wholesale market here today due to lower offtake from stockist and retailers amidst good arrivals from producing regions.
Refined palmolein also dropped on subdued retail demand following bearish Malaysian cues.
At the global front, palmoil for the August contract lost 0.9 per cent to USD 769 a tonne, the lowest level since June 6 at the Bursa Malaysia Derivatives.
In the non-edible segment, castorseeds bold and castor oil commercial recovered owing to renewed demand from shippers and soap manufacturers.
Linseed oil maintained a stable trend in the absence of any worthwhile buying activity.

In futures market, castorseeds for September contract gained on fresh speculative offtake amidst good export enquiries.

In the edible section, Groundnut oil fell by Rs 20 per 10 kg to Rs 1,040 from Thursday's closing level of Rs 1,060. Refined palmolein slipped by Rs 5 per 10 kg to Rs 525 as compared to Rs 530 previously.
Turning to non-edible segment, Castorseeds bold climbed by Rs 10 per 100 kg to Rs 3,560 from Rs 3,550 and castoroil commercial moved-up by Rs 2 per 10 kg to Rs 742 as against Rs 740 yesterday. Linseed closed unaltered at Rs 740 per 10 kg.

Moving to futures, Castorseeds September contract resumed higher at Rs 3,884 and later advanced further to Rs 3,940 before concluding at Rs 3,895 from Rs 3,855 yesterday, showing a rise of Rs 40 per tonne.