Refined palmolein declines on subdued demand

Mumbai, Oct 4: Refined palmolein prices declined further at the oils and oilseeds market here on Oct 3due to sustained offloading from stockists as well as reduced domestic demand amid falling trend at overseax.

On the other hand, groundnut oil closed stable in the absence of necessary buying support.

Castorseeds bold and castoroil commercial moved down on reduced offtake by soap industries coupled with lower export order.

Meanwhile, castorseeds futures rose sharply on the back of hectic speculative buying activity.

Linseed oil maintained its steady trend owing to lack worthwhile buying support.

In the edible-oil segment, Refined palmolein lost by Rs 5 per 10 kgs to Rs 530 from last Saturday's closing level of Rs 535, while groundnut oil finished unaltered at Rs 870 per 10 kgs.

Turning to non-edible section, castorseeds bold edged down by Rs 10 per 100 kgs to Rs 4,440 from Rs 4,450 and castoroil1 commercial softened by Rs 2 per 10 kgs to Rs 918 as compared to Rs 920 previously. Linseedoil were unchanged at Rs 740 per 10 kgs.

Moving to the futures section, castorseeds for December delivery resumed higher at Rs 4,015 and shot up further to Rs 4,120 before closing at Rs 4,070 over its weekend closing level of Rs 4,007, disclosing a sharp gain of Rs 63 per tonne.

PTI