Continuing their falling streak for the third straight day, prices of select edible oils fell by another Rs 100 per quintal at the wholesale oils and oilseeds market today on sustained selling by stockists amid a weakening global trend.
However, non-edible oils moved in a narrow range in limited deals and settled around previous levels.
Traders said sustained selling by stockists amid a weakening global trend where palm oil declined to the lowest level in almost a week on concern that the highest price in almost 18 months may reduce demand from buyers, including India, the world's biggest importer, mainly influenced the sentiment.
Meanwhile, palm oil for May delivery retreated 1.2 per cent to USD 863 a tonne, the lowest level since March 6 on the Malaysia Derivatives Exchange.
In the national capital, palmolein (rbd) and palmolein (Kandla) oils fell further by Rs 100 each to Rs 6,700 and Rs 6,350 per quintal, respectively.
Soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils followed suit and traded lower by Rs 100 each to Rs 7,500 and Rs 7,250 per quintal, respectively.
