A weak trend developed in the wholesale oils and oilseeds market during the week with select edible oils falling on arrival of new stocks to meet the growing demand for the ensuing festivals.
Trading sentiment turned weak on reports of a fall in prices of soybean and palmoil in overseas markets such as Malaysia.
Rise in the value of the local currency vis-a-vis the US dollar also affected the imported edible oils.
Traders said a wide fluctuation in dollar prices in the forex markets accounted for the imported oils such as palmoil and soyabean trading at low price.
Rise in supply after market players prepared to meet demands for coming festivals like Rakshabandhan and Janmashtmi also pulled down oil prices.
On the other hand, non-edible oils picked up towards the weekend on emergence of buying by detergent and shampoo manufacturers.
Bulk of the demand for castor and neem oil came from local soap producers, which helped the non-edible sector to move up.