Refined palmolein slips on global cues

MUMBAI: Refined palmolein prices slipped in an otherwise dull oil and oilseeds market here today on reduced demand from retailers amidst lower Malaysian cues.

Meanwhile, groundnutoil maintained a stable trend in the absence of any worthwhile buying.

In the non-edible section, castorseeds bold and castor oil commercial declined due to subdued demand from shippers and soap industries.

In the futures, castorseeds for September delivery eased further amid continued speculative selling as well as lack of export enquiries.

In the edible section, refined palmolein fell by Rs 5 per 10kg to Rs 545 from Tuesday's closing level of Rs 550. Groundnut oil closed unchanged at Rs 990 per 10kg.

Turning to non-edible section,castorseeds bold dropped by Rs 25 per 100kg to Rs 3,490 from Rs 3,515 and castor oil commercial moved down by Rs 5 per 10 kg to Rs 728 as against Rs 733 yesterday. Linseeds oil closed unaltered at Rs 735.

Turning to futures, castorseed for September contract opened lower at Rs 3,555, and drifted further to Rs 3,510 before ending at Rs 3,544 from Rs 3,570 previously, showing a loss of Rs 26 per tonne.