Refined palmolein declines on lower global cues

MUMBAI: Refined palmolein prices declined in an otherwise lacklustre oils and oilseeds wholesale market at Vashi here today due to lack of retail demand amidst bearish Malaysian cues.

In the non-edible segment, linseed oil recovered owing to renewed demand from paint and allied industries.

Meanwhile, groundnut oil, castorseed bold, and castoroil ruled stable in the absence of any major buying activity.

In the futures market,castorseeds firmed up on consistent demand following higher export enquiries.

In the edible section, Refined palmolein fell by Rs 3 per 10kg to Rs 507 from Monday's closing level of Rs 510. Groundnut oil closed unchanged at Rs 1,140.

Moving to non-edible oils: Linseed oil climbed by Rs 5 per 10 kg to Rs 750 as against Rs 745 previously. However, Castorseed bold and castoroil commercial prices closed unaltered at Rs 3,500 per 100kg and Rs 730 per 10kg.

Turning to futures, castorseed June contract resumed slightly higher at Rs 3,585 and later moved down to Rs 3,575 before finishing at Rs 3,626 from previous close of Rs 3,580, showing a net gain of Rs 46 per tonne.