Commodities

Soya oil firm despite low buying interest

Our Correspondent Indore | Updated on April 07, 2011

BL08_COM2_SOYA

Both soyabean and soya oil ruled firm despite subdued buying interest and absence of demand in the domestic market. Besides, weak foreign markets also reined in soya oil prices. Soya refined in the spot quoted at Rs 582-583.

In the resale, soya oil witnessed scattered trading at Rs 577-578 for 10 kg. Scattered trading was also witnessed in soya solvent with its price in the spot quoted at Rs 551 and in delivery at Rs 555 for 10 kg.

Soya oil prices were steady with April contract on the NBOT closing marginally higher at Rs 614.60 for 10 kg, after opening at Rs 614.50. Soya oil futures traded lower on the National Commodity and Derivatives Exchange with its April contract closing slightly lower at Rs 618.20.

However, compared with April, the volume of trading in soya oil on the NCDEX for May was almost twice, though soya oil May contract closed Rs 1.10 lower at Rs 627.90. Soya seeds also ruled firm at Rs 2,260-2,300 a quintal on scattered buying. Arrival of soyabean in State mandis has picked up with about 25,000 bags being offloaded on Thursday.

In Indore mandis, arrival was recorded at 1,000 bags quoting at Rs 2,265-2,290 a quintal. Plant deliveries of soya bean also ruled firm at Rs 2,360-2,400 a quintal. As compared to spot, trading of soya bean futures was better, with April and May contracts on the NCDEX closing Rs 16 and Rs 10 higher at Rs 2,419 and Rs 2,463 a quintal.

Published on April 07, 2011

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