Refined palmolein strengthens on steady demand

Refined palmolein prices strengthened further up in an otherwise sluggish oils and oilseeds market here today on steady demand from retailers.
Groundnut oil dropped on lower offtake from stockist and retailers amidst ample supply position.
In the non-edible segment, castorseeds bold and castoroil commercial continued its downtrend in the absences of demand from shippers and soap manufacturers.
Linseedoil ruled steady in the absence of any major buying.
In futures market, castorseeds December contract dipped on sustained speculative selling amid subdued export enquiries.
In the edible segment, refined palmolein gained by Rs 6 per 10kg to Rs 568 from last Saturday's closing level of Rs 562. However, groundnutoil fell by Rs 10kg to Rs 840 from Rs 850.

Moving to non-edible section, castorseeds bold declined by Rs 35 per 100kg to Rs 3,515 from Rs 3,550 and castor oil commercial moved down by Rs 7 per 10kg to Rs 733 as compared to Rs 740. Linseed oil ended unchanged at Rs 755 per 10kg.
Turning to futures, castorseeds December contract opened slightly lower at Rs 3,805 and drifted further to Rs 3,715 before settling at Rs 3,725 from Rs 3,811 last weekend, showing a net loss of a 86 per tonne.