Groundnut oil drops on reduced demand

Groundnut oil prices dropped sharply at the Vashi oils and oilseeds wholesale market here today on reduced demand from stockists and retailers amidst ample arrivals from producing belts.
While, refined palmolein gained further owing to sustained retail offtake.
In the non-edible section, castorseeds bold and castor oil commercial strengthened following firm demand from shippers and soap industries.
Linseed oil maintained a steady trend in the absence of any large-scale buying activity.
In the edible segment, groundnut oil dipped by Rs 20 per 10 kg to Rs 970 from Monday's closing level of Rs 990.
However, refined palmolein rose by Rs 2 per 10kg to Rs 495 from Rs 493.

Moving to non-edible section, castorseed bold climbed by Rs 25 per 100kg to Rs 3,975 from Rs 3,950 and castoroil commercial moved up by Rs 5 per 10 kg to Rs 825 as compared to Rs 820 yesterday.
Linseed oil closed unchanged at Rs 775 per 10 kg.