Commodities

Soya oil edges higher as demand picks up

Our Correspondent Indore | Updated on January 25, 2011 Published on January 25, 2011

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Soya oil prices continued to edge higher in the spot notwithstanding the decline in Malaysian palm oil futures. In the spot, soya refined on Monday opened at Rs 625 for 10 kg, and moved up further to Rs 628.

Bulk trading in soya refined was done at Rs 615- 618. In resale, soya refined was traded at Rs 623 for 10 kg for the period up to second week of February. On Saturday, soya refined was quoted at Rs 618- 622 for 10 kg.On the other hand, soya solvent also edged higher with prices of soya solvent in the spot quoted at Rs 590, while in delivery it was quoted at Rs 595 for 10 kg. Like refined, soya solvent also witnessed scattered trading with traders not showing interest on the higher rate.

On the other hand, taking cues from weak foreign markets in the evening, soya oil futures on the NBOT edged lower. Soya oil February contract on the NBOT after opening at Rs 669, saw a high of Rs 671 before closing at Rs 663.30, down Rs 5.70. On the NCDEX also soya oil February and March contracts closed lower at Rs 664.80 and Rs 671.30 respectively on bearish global oil market.

On the other hand, soyabean also gained Rs 20-30 on weak arrival and increased demand at plant-level. In the spot, soya seeds quoted at Rs 2,380-2,450 a quintal on bullish foreign market. Similarly, plant deliveries in soyabean also witnessed an uptrend at Rs 2,475-2,525 a quintal. Arrival of soyabean in Indore mandis was recorded at 6,000 bags against 1.50 lakh bags at state-level.

Active buying interest from the oil millers have increased participation in the spot markets driving prices higher, traders said. Port delivery of soya DOC quoted Rs 19,200 a quintal but there was decline in buying interest on this rate.

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Published on January 25, 2011
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