Refined palmolein drops on lower demand

Refined palmolein prices dropped at the oils and oilseeds wholesale market here today on reduced offtake from retailers.
Meanwhile, groundnut oil and linseeds oil ruled stable in the absence of any worthwhile buying.
In the non-edibles, Castorseeds bold and Castoroil commercial advanced further due to rising demand from shippers and soap manufacturers.
In the futures market, castorseeds for December surged on good speculative demand amidst sustained export enquiries.
In the edible section, Refined palmolein dipped by Rs 7 per 10 kg to Rs 601 from Friday's closing level of Rs 608. Groundnut oil closed unchanged at Rs 860 per 10 kg.

Moving to non-edible segment, castorseed bold climbed by Rs 35 per 100 kg to Rs 3,600 from Rs 3,565 and Castoroil commercial also moved up to Rs 7 per 10 kg to Rs 750 as against Rs 743 yesterday. Linseed closed unaltered at Rs 820 per 10 kg.
Turning to futures, castorseed December contract opened higher at Rs 3,950 and gained further to Rs 4,005 before ending at Rs 3,985 from Rs 3,922 previously, showing a smart rise of Rs 63 per tonne.