Palmolein rules weak on low demand

Refined palmolein continued to rule weak on the oil and oilseeds market on Saturday on lack of buying support from retailers.

Linseed oil declined in the absence of demand from paint industry amidst increased arrivals from producing belts.

Refined palmolein moved down by Rs 3 for 10 kg to Rs 587. Groundnut oil, however held steady at Rs 755 for 10 kg.

Linseed oil declined further by Rs 10 for 10 kg to Rs 685.

Castorseed bold and castor oil commercial both closed unaltered at Rs 5,750 and Rs 1,180 respectively.

Castorseed for March delivery resumed lower at Rs 5,200 and moved in a range of Rs 5,225 and Rs 5,100 and finished at Rs 5,195, a fall of Rs 50 a quintal.