Groundnut oil tumbles on subdued demand

Groundnut oil prices tumbled at the oils and oilseeds Vashi wholesale market here today on lower demand from stockists and retailers amidst good arrivals from producing belts.
Refined palmolein advanced further on rising retail demand amidst higher Malaysian cues.
In the non-edible section, castorseeds bold and castor oil commercial declined on reduced demand from shippers and soap manufacturers. While, linseed oil ruled steady in the absence of any worthwhile buying activity.
In the futures market, castorseeds edged up slightly on mild speculative buying following fresh export enquiries.
In the edible section, groundnutoil fell by Rs 35 per 10 kg to Rs 1,075 from Wednesday's closing level of Rs 1,110. However, refined palmolein rose by Rs 3 per 10 kg to Rs 508 from Rs 505.

Moving to non-edible section, castorseeds bold dropped by Rs 25 per 100 kg to Rs 3,465 from Rs 3,490 and castor oil commercial slipped by Rs 5 per 10 kg to Rs 723 as against Rs 728 yesterday. Linseedoil closed unchanged at Rs 750 per 10 kg.
Turning to futures, Castorseed for June contract resumed lower at Rs 3,430 but later drifted further to Rs 3,415 before finishing at Rs 3,440 from Rs 3,438 previously, showing a modest gain of Rs 2 per tonne.