New Delhi, May 7 (PTI) Amid sluggish demand and reports of a weakening trend in global markets, edible oils remained under pressure for the second continuous week in the wholesale oils and oilseeds market and lost further grounds.
A few non-edible oils too continued to show weakness on reduced offtake by consuming industries.
Analysts said trading sentiments in edible oils remained bearish as palm oil plunged in global markets, after commodities dropped the most in more than two years, on concerns that economic growth will slow down as central banks seeks to cool inflation by raising borrowing costs.
In addition, fall in demand from local parties at spot market due to rising mercury influenced the trading sentiments, they added.
Meanwhile, palm oil futures fell by 2.3 per cent this week to USD 1,064 a metric tonne, the lowest closing level since November 24 on the Malaysia Derivatives Exchange.