Refined palmolein slips on lower demand, global cues

Refined palmolein prices slipped at the oils and oilseeds market today due to reduced offtake from stockists and retailers amid weak global trend.
While, groundnut oil ruled steady on the back subdued demand coupled with good supplies.
In the non-edible, castorseeds bold and castoroil commercial dropped further on sluggish demand from shippers and soap manufacturers.
Linseed oil held steady owing to lack of market moving factors.
In futures trade, castorseeds September contract remained under heavy selling pressure from speculators and traders coupled with poor export enquiries.
In the edible segment, refined palmolein declined by Rs 4 per 10 kg to Rs 521 from previous closing level of Rs 525. Groundnut oil, however closed unchanged at Rs 975 per 10 kg.

Turning to non-edible section, castorseeds bold slumped by Rs 25 per 100 kg to Rs 3,465 from Rs 3,490 and castoroil commercial fell by Rs 5 per 10 kg to Rs 723 as compared to Rs 723 yesterday. Linseed oil ended unaltered at Rs 730 per 10 kg.
Moving to futures, castorseeds September contract opened weak at Rs 3,544 and drifted further to Rs 3,480 before finishing at Rs 3,486 from Wednesday's closing level of Rs 3,590, posting a sharp fall of Rs 104 per tonne.