Agri Business

Soya oil weakens on lack of buying

Our Correspondent Indore | Updated on June 09, 2011 Published on June 09, 2011

soya

Soya oil ruled firm on weak foreign markets and poor buying support in the physical market. Soya-refined oil opened up as high as Rs 615-20 for 10 kg in the morning. But slack buying support and decline in Malaysian palm oil futures in the evening resulted in prices dropping to Rs 615-18 for 10 kg. However, even at this rate, trading was absent.

Compared to soya-refined, soya-solvent saw some scattered buying but its prices remained firm at Rs 585-590, which was almost the same as that of Wednesday. Soya oil witnessed some buying in resale at Rs 615-616.

Weak foreign markets dragged soya-refined prices in the futures market here with its June contract on the NBOT closing Rs 2 lower at Rs 652.30.

Similarly on the NCDEX also, soya oil futures traded low on weak buying with its June and July contracts closing lower at Rs 651 and Rs 652.45 respectively.

Soya seeds also traded low on increased selling pressure in the physical market. In the spot, soya bean was quoted about Rs 20-30 lower at Rs 2,200-2,260 a quintal.

At the Indore mandis also, arrival of soya bean declined to about 2,000 bags and it was quoted at Rs 2,200-2,250 a quintal.

Published on June 09, 2011
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