Groundnut oil drops on subdued demand

Groundnutoil prices dropped at the oils and oilseeds Vashi wholesale market here today on subdued demand from stockists and retailers amidst ample supply position.
Meanwhile, refined palmolein ruled stable in the absence of any worthwhile buying.
In the non-edible section, castorseeds bold and castor oil fell further owing to lower demand from shippers and soap manufacturers.
In the futures market, castorseeds for September continued its downtrend on speculative selling following lack of export enquiries.
In the edible segment, groundnutoil dipped by Rs 20 per 10kg to Rs 850 from Thursday's closing level of Rs 870 and Refined palmolein closed unchanged at Rs 600 per 10kg.

Turning to non-edible segment, Castorseeds bold declined by Rs 25 per 100kg to Rs 3,640 from Rs 3,665 and castor oil commercial also moved down by Rs 5 per 10kg to Rs 758 from Rs 763. Linseeds oil remained unaltered at Rs 760 per 10kg.
Moving to futures, castorseed for September contract resumed slightly higher at Rs 3,810, but later drifted lower to Rs 3,750 before settling at Rs 3,763 from Rs 3,808 previously, showing a loss of Rs 45 per tonne.