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Soya oil continued to trade lower on weak demand and bearish Malaysian palm oil futures.
On the spot market, soya refined edged Rs 2 lower at Rs 610-615 for 10 kg, but due to a decline in buying interest at this rate, much of the trading was done at Rs 610-611. In resale, soya refined quoted at Rs 607-608 for 3-4 days.
Scatterd buying
Similarly, weak and scattered buying was seen in soya solvent with its prices declining to Rs 578-580 for 10 kg. According to traders, besides weak global cues and a decline in domestic demand, the expected arrival of new mustard seeds in the market within 10 days is also lending support to bearish sentiments for refined, with traders showing more interest in mustard seed, keeping in view its high demand as a main edible oil in North India. Taking cues from weak palm oil futures, soy oil futures on the NBOT also edged lower with February and March contracts closing at Rs 648.50 and Rs 665.50, respectively.
On the NCDEX also, soya oil February and March contracts edged lower at Rs 651.60 and Rs 669.10, respectively, on weak global cues and bearish fundamentals.
Mandi prices
On the other hand, a decline in arrivals and weak buying interest at the higher rate at the plant-level also dragged soybean prices in the mandi by Rs 10-Rs 15 a quintal.
In State mandis , soy seed quoted at Rs 2,360-2,410 a quintal, while in Indore mandis , it was Rs 2,350-2,390 a quintal.
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