Groundnut oil prices decline on good supply

Groundnut oil prices declined at the oils and oilseeds market here today due to subdued demand amidst adequate stock positions. 

Refined palmolein also softened further on poor offtake.

Meanwhile, castorseeds bold and castoroil commercial recovered smartly owing to fresh enquiries from shippers and soap manufacturers. 

Castorseeds futures market also moved up on sustained export orders. However, linseed oil continued to rule steady in the absence of market moving factors. 

In the edible oil segment, groundnut oil dropped by Rs 10 per 10 kg to Rs 760 from yesterday's closing level of Rs 770 and refined palmolein edged down to Rs 521 per 10 kg from Rs 522. 

Turning to non-edible section, castorseeds bold rose by Rs 40 per 100 kg to Rs 4,000 from Rs 3,960 and castoroil commercial firmed up by Rs 8 per 10 kg to Rs 830, as against Rs 822 previously.

Linseed oil closed unaltered at Rs 600 per 10 kg.

Moving to futures section, castorseeds December delivery opened higher at Rs 3,775 and hovered in a range of Rs 3,795 and Rs 3,765 before closing at Rs 3,783 from Rs 3,770, disclosing a modest gain of Rs 13 per tonne.