Spot demand shores up soya-oil gains

Our Correspondent Indore | Updated on July 21, 2011


Improved buying in the physical market pushed up soya oil a little even as foreign markets weakened on Thursday. Spot soya refined fetched Rs 635-636 for 10 kg, against Rs 632-635 on Wednesday. Soya refined had soared to Rs 632-635 for 10 kg earlier on Wednesday on bullish foreign markets. Profit-booking later on in the evening had brought down prices to Rs 628-632.

Soya solvent also gained Rs 3 a quintal on good buying in the physical market. It sold at at Rs 604-607 for 10 kg in spot and delivery markets, against Rs 600-603 on Wednesday. Bulk-trading for soya solvent in the delivery market was done at Rs 605.

Soya oil refined futures on National Board of Trade rose, with August contract for soya refined closing Rs 2.90 higher at Rs 665.10 a quintal. Soya oil futures traded marginally lower on the National Commodity and Derivatives Exchange, with its August and September contract closing at Rs 661.3 and Rs 656 for 10 kg.

Soyabean gained on improved export demand for soya de-oiled cake. Soyabean sold at at Rs 2,230-2,280 a quintal in State ex Indore mandis, against Rs 2,220-2,300 in Indore mandis. Plant deliveries of soyabean also gained at Rs 2,350-2,370 a quintal, while in Khandwa they fetched as high as Rs 2,400 a quintal.

While 45,000 bags arrived in State ex Indore mandis, only 2,500 bags arrived in Indore mandis. Soy de-oiled cake soared to Rs 18,000 a quintal in the Kandla port on higher demand, against Rs 16,000 a quintal in the domestic market.

Published on July 21, 2011

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