Commodities

Higher demand, weak inflow lift soyabean; oil slips

Our Correspondent Indore | Updated on March 25, 2013 Published on March 25, 2013

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Soya oil ruled firm despite weak global cues and sluggish demand in physical market. On Monday, soya refined ruled at Rs 650-55, while soya solvent at Rs 620-25.

According to traders, sluggish trend in soya oil will likely to continue with festival holidays ahead. In futures also, soya oil traded low with its April and May contracts closing at Rs 686 and Rs 676.70 for 10 kg respectively and weak global cues and buying support.

Soya seeds are ruling marginally higher at Rs 3,500-3,600 a quintal amid weak arrivals and higher demand for soyameal in the domestic market.

Plant deliveries also ruled higher at Rs 3,650-3,700 on increased buying support from the crushers at the higher rate.

In futures also, soyabean traded higher on improved buying support with its April and May contracts on the NCDEX closing at Rs 3,651 and Rs 3,604 respectively. Given higher demand in soyameal and weak arrival, bearish sentiment appears unlikely and its prices may remain on the higher end.

Soyameal in the domestic market ruled at Rs 32,000 a quintal on strong buying support.

On the other hand, there is very weak demand in the export market.

Arrival of soyabean in State mandis on Monday declined to 40,000 bags with 30,000 bags in Indore mandis, 4,000 bags in Dewas and 2,500 bags in Ujjain mandi respectively.

Published on March 25, 2013
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