Refined palmolein slips on weak demand

Refined palmolein prices moved down at the oils and oilseeds market here today owing to reduced off-take from stockists and retailers.

On the other hand, groundnut oil maintained a steady trend in the absence of necessary buying.

Castorseeds bold and castoroil commercial firmed up further on sustained demand from shippers and soap industry.

Castorseeds futures market strengthened further due to strong speculative buying coupled with rising export enquiries.

Linseed oil continued to rule stable on lack of market moving factors. 

In the edible oil segment, refined palmolein fell by Rs 3 per 10 kg to Rs 521 from overnight closing level of Rs 524. However, groundnut oil closed unaltered at Rs 755 per 10 kg.

Turning to non-edible section, castorseeds bold went up by Rs 25 per 100 kgs to Rs 3,975 from Rs 3,950 and castoroil commercial gained by Rs 5 per 10 kgs to Rs 825, as against Rs 820 yesterday.

Moving to futures section, castorseeds December delivery resumed higher at Rs 3,800 and moved in a range of Rs 3,828 and Rs 3,762 before closing at Rs 3,813 from Rs 3,770 yesterday, showing a gain of Rs 43 per tonne.