Commodities

Soya oil turns weak on global cues

| | Updated on: Apr 28, 2011
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Soya oil turned weak on Thursday following sluggish demand and weak foreign market. On the spot, soya refined ruled at Rs 580-583 for 10 kg.

Soya refined saw some active buying in the resale at Rs 580 for 10 kg. Soya solvent ruled steady on scattered and weak buying interest with its prices in the spot and delivery quoting at Rs 552-555 for 10 kg, though major buying in solvent was done at Rs 553-54/10 kg.

According to traders, besides sluggishness in Malasiyan palm oil futures, poor demand for soya oil during summer is likely to keep the prices under pressure. Fear of higher import of oil in April is also prompting traders to stay away from active buying in the spot market.

Besides heavy arrival of rabi oilseeds is also a bearish factor for the market, trade sources said. Contrary to weak demand in soya oil in the spot, soya oil futures traded positive both on the NBOT and NCDEX. On the NBOT, soya refined May contracts closed Rs 2.50 higher at Rs 620.50.

Similarly on the NCDEX also, soya oil May and June contracts closed higher at Rs 622.90 and Rs 631.25 respectively on improved buying interest.

Soyabean also ruled firm despite subdued demand at the plant-level. In mandis across Madhya Pradesh, soyabean quoted at Rs 2,260-2,320 a quintal against Rs 2,260-2,300 a quintal on Wednesday. Similarly, plant deliveries in soyabean were Rs 2,390- 2,420 a quintal against Rs 2,330-2,400 a quintal. Arrival of bean in state mandis was 45,000 bags.

With limited export queries, soyameal ruled at Rs 18,500 a quintal f.o.r Kandla port and in the domestic market it was quoted at Rs 17,500-700 a quintal.

Published on April 28, 2011

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