Amid a weakening global trend and subdued domestic demand at prevailing levels, select edible oils extended losses for the second straight day by losing up to Rs 50 per quintal on wholesale oils and oilseeds market today.
However, non-edible oils continued to trade in narrow range in scattered deals and settled around previous levels.
Sentiment remained bearish as palm oil fell in overseas markets after a US government report showed that farmers accelerated soybean planting, easing concerns about dwindling cooking-oil supplies.
Meanwhile, palm oil for the July-delivery contract fell 0.6% to $1,142 a tonne on the Malaysia Derivatives Exchange, the lowest since April 24.
In addition, subdued demand at prevailing higher levels also kept pressure on select Edible oil prices.
In the edible section, groundnut mill delivery (Gujarat) and mustard expeller (Dadri) oils declined by Rs 50 each to Rs 11,550 and Rs 8,350 per quintal, respectively.
Sesame and cottonseed mill delivery (Haryana) oils also moved down by Rs 30 each to Rs 8,200 and
Rs 6,800 per quintal, respectively.
Taking negative cues from overseas markets, soyabean refined mill delivery (Indore) and soyabean degum (Kandla) oils fell by Rs 50 each to Rs 8,000 and Rs 7550, while crude palm oil (ex-kandla) traded lower by the same margin to Rs 7,300 per quintal, respectively.
Palmolein (RBD) and palmolein (Kandla) oils lost Rs 50 each at Rs 8,100 and Rs 7,750 per quintal, respectively.
