Weak global cues pull down soya

Our Correspondent Indore | Updated on June 23, 2011


Weak global cues and poor buying interest due to onset of monsoon rains in the State pulled down soya oil prices in the local market.

Soya refined slipped to Rs 605-607 for 10 kg as buying interest fell and Malaysian palm oil futures shed 46 points. Soya solvent also declined on weak and scattered buying, with spot prices quoting at Rs 575-579 against Rs 577-581 on Wednesday. Buying remained even after buyers cut the price to Rs 572.

Weak foreign markets also pulled down soya oil futures. The July contract for soya oil on the National Board of Trade, closed Rs 3 lower at Rs 635.20 on Thursday. On the National Commodity and Derivatives Exchange also, soya oil traded lower, with July and August contracts closing at Rs 634.95 and Rs 635.55.

Higher selling depressed soya oil prices, said Mr Mukesh Purohit, an oil trader.

Weak buying interest for soya de-oiled cake and monsoon rain also hurt soyabean prices. Soyabean dropped by Rs 10-15 on Thursday in State mandis to Rs 2,200-2,230 a quintal. Plant deliveries of soyabean also declined to Rs 2,280- 2,320 a quintal on slack buying. Monsoon rains in parts of the State brought down arrivals of soyabean, with merely 20,000 bags being offloaded in State ex Indore mandis against 1,000 bags in Indore mandis.

Published on June 23, 2011

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