Edible oil drops on subdued demand

Groundnut oil prices fell sharply at the oil and oilseeds market here today due to lack of demand from retailers and stockists coupled with heavy arrivals from producing regions. 

Refined palmolein moved down in the absence of buying support. Castorseeds futures also slipped further on weak export orders. 

On the other hand, castorseeds bold and its oil owing to fresh enquiries from shippers and soap manufacturers.   

Linseed oil, however continued to rule steady in the absence of market moving factors.    

In the edible oil section, groundnut oil dropped by Rs 20 per 10kg to Rs 730 from yesterday's closing level of Rs 750 and refined palmolein also eased by Rs 3 per 10kg to Rs 488 as against Rs 491 yesterday. 

Turning to the non-edible section, castorseeds bold edged up to Rs 10 per 100 kg to Rs 3,825 from Rs 3,815 and Castoroil commercial also looked up by Rs 2 per 10 kg to Rs 795, as against Rs 793. 

Moving to the futures trade, castorseeds for December delivery resumed lower at Rs 3,517 and moved in a range of Rs 3,535 and Rs 3,500 before ending at Rs 3,513 from Friday's closing level of Rs 3,525, showing a loss of Rs 12 per tonne.

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