Refined palmolein drops on lower demand, global cues

Refined palmolein prices dropped at Vashi oils and oilseeds wholesale market here today due to reduced demand from retailers amidst bearish Malaysian cues.
Meanwhile, groundnut oil and linseeds oil maintained a stable trend in the absence of any worthwhile buying.
In the non-edibles, Castorseeds bold and Castoroil commercial fell following lack of demand from shippers and soap manufacturers.
In the futures market, castorseeds for December recouped marginally following stray speculative buying amidst fresh export enquiries.
In the edible section, Refined palmolein shed by Rs 5 per 10kg to Rs 600 from Monday's closing level of Rs 605. Groundnut oil closed unchanged at Rs 860 per 10kg.

Moving to non-edible segment, castorseed bold declined by Rs 15 per 100kg to Rs 3,600 from Rs 3,615 and Castoroil commercial also moved down to Rs 3 per 10kg to Rs 750 as against Rs 753 yesterday. Linseed closed unaltered at Rs 820 per 10kg.
Turning to futures,castorseed December contract opened lower at Rs 3,910 and moved-up further to Rs 3,950 before ending at Rs 3,914 from Rs 3,913 previously, showing a modest gain of a Re per tonne.