Industrial oil declines on increased supply

Posted By: Pti
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Mumbai, Feb 5 (PTI) Castorseeds bold and castoroilcommercial both reacted downwards at the oils and oilseedsmarket here today due to reduced demand from shippers andsoap industry amidst increased supplies from producing belts.

Castorseed futures dropped owing to lack of exportenquiries.

Refined palmolein also softened on poor offtake.

However, groundnutoil and linseedoil maintained a stabletrend in the absence of market moving factors.

In the non-edible section, castorseed bold tumbled by Rs100 per 100 kg to Rs 5,600 from Friday''s closing level ofRs 5,700 and castor oil commercial fell by Rs 20 per 10 kg toRs 1,150 as compared Rs 1,170 previously. Linseedoil ruledsteady at Rs 710 per 10 kg.

Turning to futures section, castorseeds for Marchdelivery resumed lower at Rs 4,795 and moved in a range ofRs 4,820 and Rs 4,778 before finishing at Rs 4,793 from Rs4,812, showing a further loss of Rs 19 per tonne.

Moving to edible section, refined palmolein eased toRs 604 per 10kg from yesterday''s closing level of Rs 605.

Groundnut oil closed unchanged at Rs 765 per 10 kg.

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