Edible oils weaken on sluggish demand amid good supply

Refined palmolein prices declined in an otherwise subdued oils and oilseeds market here today due to reduced offtake from stockists and retailers amid easing supply pressure.
Groundnut oil also softened on lack of buying support.
In non-edible segment, linseed oil dropped on the back of reduced demand from paint and allied industries.
Castorseeds bold and castoroil commercial went down owing to poor export enquiries from shippers and soap manufacturers.
Castorseeds futures also slumped on heavy speculative selling coupled with weak spot market demand.
In the edible section, Refined palmolein moved down by Rs 2.25 per 10 kg to Rs 603 from last Sunday's (Muhurat session) closing level of Rs 605.25 and groundnutoil slightly down by Rs 25 paise per 10 kg to Rs 890 from Rs 890.25.

Turning to non-edible segment, linseed oil slipped by Rs 5.25 per 10 kg to Rs 805 as against Rs 810.25.
Castorseeds bold shed Rs 26 per 100 kg to Rs 3,500 from Rs 3,526 and castoroil commercial fell by Rs 5.25 per 10 kg to Rs 730 as compared to Rs 735.25 previously.
Moving to futures, castorseed December contract resumed lower at Rs 3,800 and drifted further sharply to conclude at Rs 3,750 from previous closing level of Rs 3,819, showing a sharp loss of Rs 69 per tonne.