Groundnut oil falls on subdued demand

Groundnut oil prices fell further in an otherwise sluggish oils and oilseeds market here today on subdued stockists and retail demand amid good arrivals from producing belts.
Refined palmolein also edged down on lower retail buying support.
In the non-edible segment, castorseeds bold and castoroil commercial continued its downtrend on the back of muted demand from shippers and soap industries.
Linseed oil held steady in the absence of any large scale buying.
In the futures market, castorseeds December contract maintained bearishness on speculative selling owing to lower export enquiries.
In the edible segment, groundnut oil dropped by Rs 10 per 10 kg to Rs 850 from Tuesday's closing level of Rs 860 and refined palmolein slipped by Rs 2 per 10 kg to Rs 560 from Rs 562.

Turning to non-edible section, castorseeds bold eased by Rs 25 per 100 kg to Rs 3,575 from its overnight close of Rs 3,600 and castoroil commercial went down by Rs 5 per 10 kg to Rs 745 as against Rs 750 yesterday. Linseedoil closed unchanged at Rs 755 per 10 kg.
Moving to futures, castorseeds December contract opened lower at Rs 3,815 and drifted lower to end at Rs 3,790 from Rs 3,830 previously, showing a loss of Rs 40 per tonne.