Groundnut oil declines on ample supply

Refined palmolein prices also softened on reduced offtake from retailers.

In the non-edible segment, castorseeds bold and castor oil commercial moved up further owing to good demand from shippers and soap industries.

Meanwhile, linseed oil turned sluggish due to lack of demand from paint and allied industries.

In futures, castorseeds firmed up on good speculative offtake amid rising export enquiries.

In the edible segment, Groundnut oil dropped by Rs 10 per 10 kg to Rs 1,060 from Tuesday's closing level of Rs 1,070. Refined palmolein eased by a rupee per 10kg to Rs 554.

Turning to non-edible segment, Castorseeds bold advanced by Rs 100 per 100 kg to Rs 3,550 from Rs 3,450 and castoroil commercial also moved up by Rs 20 per 10 kg to Rs 740 as against Rs 720. Linseed oil went down by Rs 5 per 10 kg to Rs 805 as compared to Rs 810 yesterday.

Moving to futures, castorseed December contract resumed higher at Rs 3,850 and moved in the range of Rs 3,895 and Rs 3,802 before settling at Rs 3,840 as against Rs 3,815 yesterday, showing a modest gain of Rs 25 per tonne.