Edible oils weaken on selling, low demand

Groundnut oil prices slumped in an otherwise sluggish oils and oilseed Vashi wholesale market here today on sustained stockist selling as well as lower demand amidst ample supply positions.
Refined palmolein also fell further in the absence of retail buying support.
In the non-edible section, castorseeds bold and castor oil declined due to subdued demand from shippers and soap manufacturers.
Linseed oil also slipped owing to reduced offtake from paint and allied industries.
In the futures market, castorseeds September continued its downtrend on speculative selling amidst lack of export enquiries.
In the edible segment, Groundnutoil dipped by Rs 20 per 10kg to Rs 830 from Tuesday's closing level of Rs 850. Refined palmolein dropped by Rs 10 per 10kg to Rs 575 as against Rs 585 yesterday.

Turning to non-edible segment, Castorseeds bold slid by Rs 45 per 100kg to Rs 3,600 from Rs 3,645, castor oil commercial moved-down by Rs 9 per 10kg to Rs 750 from Rs 759. Linseeds oil shed by Rs 5 per 10 kg to Rs 755 as compared to Rs 760 previously.
Moving to futures, castorseeds September contract resumed slightly lower at Rs 3,710 and drifted further to end at Rs 3,640 from Rs 3,716 previously, showing a net loss of Rs 76 per tonne.