Soyabean oil that had soared to Rs 672 for 10 kg on Thursday on strong global cues declined on Friday on weak foreign markets and lack of buying support in the physical market.

Soya refined oil ruled at Rs 665-70 (Rs 672), while soya solvent slipped to Rs 632-36 (Rs 635-38) on lack of buying support.

In resale, soya oil was sold at Rs 665. However, even at this rate, buying support remained weak amid weak foreign demand.

A few days ago also, soya oil was trading low with soya refined being quoted as low as Rs 655-60 for 10 kg, while soy solvent ruled at Rs 622-26. However, rise in buying support couple of days back and strong foreign lifted its price by Rs 10-12 in the past five days. In the futures market, soya oil, however, was mixed. Soya refined November contract on the NBOT closed marginally higher at Rs 682.60 for 10 on improved buying support. On the other hand, soya oil future traded lower on the NCDEX with its November and December contracts closing lower at Rs 692 and Rs 680.90 for 10 kg respectively.

Soyabean ruled steady at Rs 3,170-3,250 a quintal amid arrival of 70,000 bags as majority of mandis in Madhya Pradesh remained closed on Friday as well. Plant deliveries in soybean also declined marginally at Rs 3,231-60 a quintal. Soybean futures also traded lower with November and December contracts on the NCDEX closing at Rs 3,217 and Rs 3,245 a quintal on weak buying support.

(This article was published on November 16, 2012)
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