Commodities

Cheaper cotton oil drags soyabean oil

Our Correspondent Indore | Updated on May 27, 2013 Published on May 27, 2013

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Soya oil ruled firm even as demand remained slack.

Soya refined on Monday ruled flat at Rs 681-90 for 10 kg.

Similarly, soya solvent also ruled stable at Rs 655-60 on slack demand. Soya oil futures, by and large, ruled stable on subdued buying support with its June and July contracts on the NCDEX closiung at Rs 706.50 (up 55 paise) and Rs 684.40 for 10 kg (unchanged). Decline in demand has mainly been due to higher demand in cotton refined which is being sold at much lower prices (Rs 635 for 10 kg) compared to soya oil.

Amid an arrival of 30,000 bags, soyabean prices in State mandis ruled at Rs 3,800-3,900 a quintal (down Rs 50 from last week).

Plant deliveries in soyabean also declined to Rs 3,925-75 a quintal (down Rs 25 from last week). Soyabean's June and July contracts on the NCDEX closed at Rs 3,803 a quintal (down Rs 30) and Rs 3,676 (down Rs 50.50).

Arrival continues to be on lower side with merely 25,000-30,000 bags being offloaded in mandis across Madhya Pradesh on Monday against 40,000 bags last week.

Soyameal in the domestic market ruled lower at Rs 33,800-40,000 a quintal (down Rs 1,000 from last week) on weak demand. Soyameal on the port ruled at Rs 35,000 a quintal.

Published on May 27, 2013
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