Bullish foreign markets lift soya oil

Our Correspondent Indore | Updated on April 04, 2011


Notwithstanding subdued domestic demand, soya oil gained sharply both in spot and futures on bullish foreign market. Soya refined in the physical market gained Rs 7 with prices on the spot quoting at Rs 578, while in delivery it was quoted at Rs 582 for 10 kg. Driven by strong global cues, soya oil has been witnessing an uptrend on the spot market. Besides, strong Malasiyan palm oil futures, a comparative rise in domestic demand at lower level, has also contributed to rise in soy refined in the spot. On Saturday, soya refined in the spot had been quoted at Rs 568-575 for 10 kg.

Bullish futures also perked up soya solvent by Rs 2-3 with its prices in the spot quoted at Rs 542-547. Trading was weak as local mandis remained closed for Gudi Padwa festival. Nevertheless, subdued trading failed to rein in soya seeds and soya oil prices because of negligible arrival and bullish futures. Soya oil futures also gained sharply on bullish futures with soya refined April contract on the NBOT closing Rs 3.60 up at Rs 615.80. Similarly, soya oil futures also gained on the National Commodity and Derivatives Exchange with soya oil April and May contracts closing higher at Rs 618. 50 and Rs 629.40, for 10 kg respectively.

Arrival of soyabean in mandis was negligible as they remained shut for the festival. In private trading, soya seeds ruled firm at Rs 2,250-2,300 a quintal. Plant deliveries of soya bean ruled steady at Rs 2,275-2,325 a quintal.

Published on April 04, 2011

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