Groundnutoil prices slump on poor demand

Groundnutoil prices slumped in an otherwise sluggish oils and oilseeds market today due to poor demand from stockists and retailers amid adequate supplies.
Refined palmolein also declined on lack of retail buying support.
In the non-edible, castorseeds bold and castoroil commercial fell further on weak demand from shippers and soap industries.
Linseed oil eased on reduced offtake from paint and allied industries.
In futures trade, castorseeds September contract maintained its downtrend on continued selling pressure from speculators following weak export enquiries.
In the edible segment, groundnutoil dropped by Rs 35 per 10 kg to Rs 940 from Thursday's closing level of Rs 975 and refined palmolein moved down by Rs 3 per 10 kg to Rs 518 from Rs 521.

Turning to non-edible section, castorseeds bold dipped by Rs 90 per 100 kg to Rs 3,375 from Rs 3,465 and castoroil commercial slid by Rs 18 per 10 kg to Rs 705 as against Rs 723 previously. Linseed oil went down by Rs 5 per 10 kg to Rs 725 from Rs 730.
Moving to futures, castorseeds September contract opened lower at Rs 3,452, later recovered upto Rs 3,470 before drifting to settle at Rs 3,458 from Rs 3,486 previously, showing loss of Rs 28 per tonne.