Groundnut oil slides on weak demand

MUMBAI: Groundnut oil prices slid further at the oils and oilseeds market here today due to weak demand from stockist and retailers amidst ample supply.


Meanwhile, refined palmolein and linseed oil ruled stable in the absence of any worthwhile buying activity.

In non-edible section, castorseeds bold and castoroil commercial recovered smartly following renewed offtake from shippers and soap industries.

In the futures market, castorseeds regained on rising speculative demand following higher export enquiries.

In edible section, groundnutoil dipped by Rs 15 per 10 kg to Rs 1,215 from Friday's closing level of Rs 1,230. However,refined palmolein closed unchanged at Rs 511 per 10kg.

In the non-edible section, castorseeds bold climbed by Rs 25 per 100kg to Rs 3,625 from overnight closing level of Rs 3,600 and castoroil commercial also looked-up by Rs 5 per 10kg to Rs 755 from Rs 750. Linseed oil ended unaltered at Rs 875 per 10kg.

Turning to futures, castorseed March contract resumed higher at Rs 3,835 and later moved in the range of Rs 3,840 and 3,820 before ending at Rs 3,825 from Rs 3,820 yesterday, showing a mere gain of Rs 5 per tonne.