Refined palmolein declines on weak demand

Mumbai, Feb 8 (PTI) Refined palmolein prices declinedmodestly at the oils and oilseeds market here today due toreduced offtake from stockists amidst higher stock positions.

Groundnut oil, however closed stable in the absenceworthwhile buying.

Castorseeds bold and castoroil commercial dropped owingto sluggish demand from exporters and soap industries.

Meanwhile, castorseed futures market continued to surgeon hectic speculative buying activity.

In the edible segment, refined palmolein moved down by Rs3 per 10kgs to Rs 605 from Monday''s closing level of Rs 608.

Groundnut oil held steady at Rs 760 per 10kgs.

Turning to non-edible oil, castorseeds bold slipped byRs 50 per 100 kgs to Rs 5,650 from its overnight losing levelof Rs 5,700 and castor oil commercial fell by Rs 10 per 10 kgsto Rs 1,160 as against Rs 1,170 previously.

Linseedoil closed unchanged at Rs 710 per 10 kgs.

Moving to futures section, castorseeds for March deliveryresumed higher at Rs 4,970 and shot up further to Rs 5,060before concluding at Rs 5,051 over its previous close of Rs4,920, showing a further steep rise of Rs 131 per tonne.