Industrial oil prices drop on weak demand

Castorseeds bold and castoroil commercial prices dropped in an otherwise sluggish oils and oilseeds Vashi wholesale market here today due to lack of demand from shippers and soap manufacturers.
Linseeds oil also eased further on stockist selling on the back of subdued demand from paint and allied industries.
In the edible segment, Refined palmolein edged down on reduced demand from stockist and retailers following bearish Malaysian cues. Groundnut oil held stable in the absence of any worthwhile buying.
In the futures market, castorseeds continued its down trend on speculative selling amidst lower export enquiries.
In the non-edible section, Castorseeds bold fell by Rs 30 per 100 kg to Rs 3,550 from last weekend's level of Rs 3,580, castoroil commercial moved down to Rs 6 per 10kg to Rs 740 from Rs 746.

Linseed oil slipped by Rs 5 per 10kg to Rs 780 as compared to Rs 785 last Saturday.
Moving to edible section, Refined palmolein edged down by Rs 2 per 10 kg to Rs 510 from Rs 512. However, groundnut oil close unchanged at Rs 1,210 per 10 kg.
Turning to futures, castorseeds June contract resumed slightly lower at Rs 3,820 and drifted further to Rs 3,770 before finishing at Rs 3,777 from 3,825 last weekend, showing a net fall of Rs 48 per tonne.