Soya oil that has been witnessing an uptrend for the past few days on strong global cues and increase in domestic demand declined marginally on Thursday. This was on account of lack of buying interest in the physical market and comparatively weak foreign.

On the spot, soya refined oil quoted at Rs 580-583 for 10 kg against Rs 582-585 on Wednesday. In resale, soya refined oil attracted buying at Rs 576-77 for 10 kg. Similarly lack of buying interest also dragged soya solvent oil with prices on the spot quoting at Rs 547, while in delivery it was quoted at Rs 552. Soya solvent on Wednesday quoted at Rs 552-556.

Refined soya oil futures that were being traded on positive note for the past two days on follow through buying, also witnessed a decline as traders got wary of buying at higher rate. On the NBOT, soya refined May contracts closed Rs 2.40 lower at Rs 618.60.

Similarly, on the NCEDX also soya oil futures traded on negative note with May and June contracts closing lower at Rs 620.50 and Rs 628.70 for 10 kg, respectively.

According to a trader, Mr Mukesh Purohit, with market already witnessing hefty trading in the past two days an apparent decline in trading was quiet palpable with buyers not showing interest at higher rate, leading to marginal fall in soya oil prices.

Soyabean ruled firm at Rs 2280-2320 a quintal against Rs 2280-2350 a quintal on Wednesday.

Plant deliveries in soyaben also ruled at Rs 2380-2400 a quintal, marginally lower as compared with Wednesday. Arrival of soyabean in State mandis, however, showed an improvement with about 40,000 bags being offloaded in mandis against 1500 bags in Indore mandis

Soyabean futures on Thursday were traded on a negative note with May and June contracts on the NCEDX closing lower at Rs 2,425 and Rs 2,456 a quintal, respectively.

Spot markets, however, witnessed moderate buying activity from few crushers.

Related Topics
comment COMMENT NOW