Edible oils drop on reduced offtake

Refined palmolein prices also slipped on lower retail demand amidst bearish Malaysian cues.

On the other hand, in non-edible section, castorseeds bold and castoroil commercial prices rose owing to renewed demand from shippers and soap manufacturers.

Meanwhile, linseed oil maintained a stable trend in the absence of any worthwhile buying.

In the futures, castorseeds both December and March contract surge on speculative offtake following consistent export enquiries.

In the edible section, Groundnutoil fell by Rs 10 per 10kg to Rs 1,250 from Tuesday's closing level of Rs 1,260. Refined palmolein slid by Rs 5 per 10kg to Rs 480 as against Rs 485.

Turning to non-edible segment,Castorseeds bold gained by Rs 25 per 100kg to Rs 3,500 from Rs 3,475 and castor oil commercial looked-up by Rs 5 per 10kg to Rs 730 as against Rs 725 yesterday. Linseedoil closed unaltered at Rs 820 per 10kg.

Moving to futures, castorseed December contract resumed steady at Rs 3,570, but later moved up to Rs 3,628 before finishing at Rs 3,623 as against Rs 3,570 yesterday, showing a rise of Rs 53 per tonne.

While, March contract opened higher at Rs 3,790 and moved up further to Rs 3,820 before ending at Rs 3,794 as compared to Rs 3,777 previously, showing a net gain of Rs 17 per tonne.