Groundnutoil declines on lower demand

Mumbai, Sept 16: Groundnutoil prices declined at the oils and oilseeds market here today (Sept 16) on subdued demand from stockists and retailers amidst improved supply position.

Linseedoil prices maintained a rising trend on persistent demand from paint industries coupled with higher stockist offtake. Meanwhile, castorseeds bold, castoroil commercial and refined palmoelin held steady in the absence of any major buying activity.

Castorseeds futures eased further in a volatile trade on the back of reduced export enquiries.

In the edible-oil segment, groundnutoil moved down by Rs 5 per 10 kgs to Rs 990 from Thursday's closing level of Rs 995 while, refined palmolein ended stable at Rs 562 per 10 kgs.

Turning to non-edible segment, Linseedoil gained further by Rs 5 per 10 kgs to Rs 740 from Rs 735 on Friday. However, castorseeds bold and castoroil commercial were unaltered at Rs 4,825 and Rs 995 respectively.

Moving to futures section, castorseeds for December delivery resumed lower at Rs 4,588 and traded between Rs 4,603 and Rs 4,568 before settling at Rs 4,584 from Rs 4,600 previously, showing a modest loss of Rs 16 per tonne.


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