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The sluggish trend in soya oil continued today on weak buying support even as KLC closed higher. Bearish sentiment in soya oil has mainly been attributed to rise in buying support in cotton and super palmolein and palm oil which are being sold in Indore mandis at lower prices, said Mukesh Purohit, a local soya oil manufacturer.
Contrary to prices in the physical market, soya oil closed higher in the futures market with December contracts on the NBOT closing at Rs 712.50 for 10 kg.
On the NCDEX also, soya oil futures closed higher with December and January contracts closing at Rs 720.35 (up Rs 3.35) and Rs 711 for 10 kg (up Rs 4.25).
Soyabean gained on improved buying support and quoted at Rs 3,090-3,200 a quintal amid arrival of around 2 lakh bags.
Soyabean prices in Indore mandis were quoted at Rs 3,090-3,190 amid arrival of 7,500 bags.
Arrival in Ujjain and Dewas mandis was recorded at 7,000 bags and 6,000 bags respectively. Plant deliveries in soyabean also gained to Rs 3,250-80 (against Rs 3,160-80 last week) on rise in buying support from crushers.
Soya seeds futures also closed higher on improved CBOT projections with its December and January contracts on the NCDEX closing at Rs 3,273 (up Rs 50) and Rs 3,306 (up Rs 44) respectively.
Soya DOC gained marginally from last week at Rs 27,000 in the domestic market on improved buying support. Last week, soya DOC in the domestic market was ruling at Rs 26,500 a quintal.
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