Agri Business

Global cues fail to drive soya oil up

Our Correspondent Indore | Updated on January 05, 2011


Soya oil prices remained steady notwithstanding strong global cues.

Spot soya refined quoted at Rs 600-605 for 10 kg. In the morning, soya refined prices opened at Rs 600 and went up to Rs 605. But due to low demand at higher rate, soya refined prices declined. Some plants had to sell soya refined as low as at Rs 603/10 kg.

Traders showed little interest in fresh buying. Rather, they evinced more interest in resale where soya refined quoted at Rs 595 for 10 kg. Because of higher plant rate, traders did maximum business in resale.

Soya solvent also ruled firm at Rs 570-Rs 575 for 10 kg.

On the National Board of Trade also, soya futures edged lower despite a rise in Malaysian palm oil futures, which closed at 64 plus. Soya oil's January contract at the NBOT after opening at Rs 637.10 closed Rs 3 lower at Rs 634.10 for 10 kg. Soya oil January contract at the NBOT had opened at Rs 628.90 and closed at Rs 636.90 after witnessing a high of Rs 640.40.

Soya oil's futures on the NCEDX also edged lower with its January contract opening at Rs 641.10 and closing about Rs 4 lower at Rs 637.25.

Soyabean prices ruled firm on subdued demand. Soya seeds prices in Indore and state mandis ruled at Rs 2,240-Rs 2,310 per 100 kg. Similarly, plant deliveries rates also remained steady at Rs 2,355-Rs 2,360 a quintal. About 7,500 bags of soyabean arrived in Indore mandis against 2 lakh bags at state level.

Published on January 04, 2011

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