Improved buying and strong global cues have perked up soya oil in mandis here by Rs 10 for 10 kg in the past three days. Soya refined on Monday quoted at Rs 675-680 for 10 kg, while soya solvent rose to Rs 645-650 for 10 kg. In the resale market, soya oil fetched Rs 674.

Strong foreign demand has lifted soya oil prices in the past 10 days by about Rs 25 for 10 kg. Soya oil futures traded higher on strong foreign and local demand. Soya refined’s November contracts on the National Board of Trade closed higher at Rs 697.60). Similarly, on the National Commodity and Derivatives Exhange (NCDEX), soya oil’s November and December contracts closed up at Rs 711.80 and Rs 696.30 respectively. Amid arrival of 2.25 lakh bags, soya seeds ruled firm at Rs 3,170-3,250 a quintal. In muhurat trading on Saturday, when local mandis opened after Diwali holidays, soyabean fetched Rs 3,131 a quintal. Thereafter, it rose to Rs 3,125-3,232 on strong buying. Plant deliveries of soyabean rose to Rs 3,270-3,320 a quintal on strong demand from crushers. On the NCDEX, soyabean’s November and December contracts rose to Rs 3,260 and Rs 3,283 respectively.

Published on November 19, 2012