Weak global market drags soyabean oil

Our Correspondent Indore | Updated on January 10, 2011


The bullishness in soyabean oil abated on Monday following weakness in the global vegetable oil market and drop in demand at the higher rates. Soyabean oil prices have been witnessing a downtrend for the past two days in the spot market.

Amidst scattered trading on Monday, soya refined ruled steady at Rs 598-600 for 10 kg. However, in the resale it was quoted at Rs 595-597. On the other hand, soya refined delivery for Gwalior and Morena regions for the next 10 days was done at Rs 602 for 10 kg.

Soya refined edged as low as Rs 595 on subdued demand. Similarly, soya solvent also edged lower to Rs 571-573.

Soya oil futures declined on the NBOT and NCEDX. On the NBOT, soya oil January contracts closed Rs 3.50 lower at Rs 630 for 10 kg after opening at Rs 633.50. Similarly, soya oil February contracts closed Rs 6 lower at Rs 640.20.

Soya oil futures on the NCEDX closed lower with January and February contracts closing Rs 1.35 and Rs 2.70 lower at Rs 631.55 and Rs 642.5 for 10 kg respectively.

However, soyabean increased in Indore mandis. Soybean quoted at Rs 2,210-2,260 a quintal, while in Indore it was quoted at Rs 2,215-2,250 a quintal.

Demand for soya DOC continued to remain sluggish. The port rate of soya DOC on Monday was Rs 18,100 for January and Rs 18,200 for February. In the domestic market, soya DOC was quoted at Rs 16,700-17,300 a quintal.

Published on January 10, 2011

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