New Delhi, Mar 31 (PTI) In a holiday-shortened week, prices of palmolein and soyabean oil drifted lower at the wholesale oil and oilseeds market owing to slackened demand from retailers against ample stocks position.

Castor oil in the non-edible section, also eased on reduced offtake by consuming industries.

Markets remained close on Wednesday as traders shut shops to protest against the city-wide sealing drive.

The strike was called by the Confederation of All India Traders (CAIT) and the All Delhi Traders and Workers Association.

Market also remained shut on Thursday for “Mahavir Jayanti”.

Traders said besides easing demand from retailers, adequate stocks position on increased arrivals from producing regions and weak global cues mainly weighed on palmolein and soyabean oil prices.

Meanwhile, the benchmark palm oil contract for June settled lower at 2,404 ringgit (USD 621.83) a tonne on the Bursa Malaysia Derivatives Exchange.

In the national capital, Palmolein (RBD) and palmolein (Kandla) oils declined by Rs 100 each to Rs 6,950 and Rs 7,000 per quintal, respectively.

Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils also declined by Rs 50 each to Rs 7,700 and Rs 7,300 per quintal, respectively.

However, groundnut oil moved both ways on alternate bouts of buying and selling and finally pegged at the last level of Rs 8,400 per quintal.

In the non-edible section, castor oil drifted lower by Rs 200 to Rs 7,500-7,600 per quintal. (MORE)

This is published unedited from the PTI feed.