Commodities

Soya oil steady despite drop in demand

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

BL21_COM2_SOYAOIL





Soya oil ruled firm on Thursday on weak CBOT projection and decline in demand at higher rate.

On Thursday morning, soya refined oil in the spot was quoted at Rs 610-Rs 615 for 10 kg. However, bulk trading in refined oil was done at Rs 614. Though there was high demand for soya refined at Rs 610, plant operators did not show much of interest on this rate. In the resale, soya refined was quoted at Rs 608-Rs 610 but it had few takers on this rate. Similarly, soya solvent also ruled steady with its price in the spot quoted at Rs 580 for 10 kg, while in the delivery it was quoted at Rs 584. According to oil traders, the demand for soya oil remained subdued as there were few takers for soya oil at higher rate. Taking cues from weak CBOT projection, soya oil edged lower on the NBOT where soya oil February contract, after opening at Rs 653, closed Rs 2.40 lower at Rs 650.60.

Soya oil futures on the NCDEX showed a mixed trend. While its January contract closed Rs 2 lower at Rs 64, its February contract edged lower at Rs 649.80 after opening at Rs 653Driven by bullishness in the global oil market, soya oil prices in Indore mandis are ruling at its highest level in the past two-and-half-years. An uptrend continued in soya seeds, more so because of contract maturity in soyabean on the NCEDX and the rise in soya DOC delivery on the port. Soyabean gained Rs 20-30 in mandis and plant deliveries.

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Published on January 25, 2011
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