Commodities

Festival demand lights up soyabean, oil

Our Correspondent Indore | Updated on October 28, 2013 Published on October 28, 2013




Sluggish trend in soya oil on poor buying support seemed to have ended on strong global cues and rise in festival demand ahead of Diwali.

In Indore mandis, soya refined rose to Rs 690-95 for 10 kg (Rs 685-689).

Similarly, soya solvent also rose to Rs 650-55 (Rs 645-50) on strong foreign support and festival demand ahead of local holidays in mandis next week for Diwali.

In futures, soya oil traded higher on global cues and buying support with November and December contracts on the NCDEX closing at Rs 731.91 (up Rs 11.95) and Rs 725.70 (up Rs 13.75).

With arrival of soyabean in State mandis declining to 3.75-4 lakh bags (5- 5.50 lakh bags last week) and rise in buying support from the crushers, prices in Indore mandis in the past one week have increased by about Rs 200 to Rs 3,400-3,600 a quintal.

In the futures market also, soyabean ruled higher on strong global cues and buying support with November and December contracts on the NCDEX closing at Rs 3,808 (up Rs 83) and Rs 3,847 (up Rs 92).

Rise in demand from crushers has also lifted plant deliveries to Rs 3,650-3,750 (Rs 3,590-3,700).

Published on October 28, 2013
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