Refined palmolein drops on subdued demand, global cues

Refined Palmolein prices dropped at the Vashi oils and oilseeds Wholesale market here today due to reduced offtake from retailers amidst lower Malaysian cues.
Meanwhile, Groundnut oil ruled stable in the absence of any worthwhile buying activity.
In the non-edible segment, Castorseed bold and castor oil commercial fell owing to lack of demand from shippers and soap manufacturers.
Linseeds oil also slipped following lower demand from paints and allied industries.
In the futures market, castorseeds for December recovered following speculative buying amidst good export enquiries.
In the edible section, Refined palmolein declined by Rs 6 per 10kg to Rs 594 from Monday's closing level of Rs 600. However, groundnut oil closed unchanged at Rs 850 per 10kg.

Moving to non-edible segment, castorseed bold dipped by Rs 25 per 100kg to Rs 3,600 from Rs 3,625, castoroil commercial moved down by Rs 5 per 10kg to Rs 750 as against Rs 755 previously. Linseeds oil also shed by Rs 5 per 10kg to Rs 825 as compared to Rs 830 yesterday.
Turning to futures, castorseed December contract opened lower at Rs 3,945 later moved up to finish at Rs 4,005 from Rs 3,951 previously, showing a smart gain of Rs 54 per tonne.