Demand for soya oil remains subdued

Our Bureau Indore | Updated on January 31, 2011 Published on January 31, 2011

Notwithstanding strong global cues, demand for soya oil in the domestic market continued to remain subdued on Monday. Deriving strength from bullish palm oil futures, soya refined in the morning opened at Rs 610 for 10 kg and went up to Rs 615 but apparently weak and scattered demand from the domestic market pulled prices down and most of the trading in refined was done at Rs 610-612. Traders hope that prices of soya refined is unlikely to go below Rs 605-610. In resale, it was quoted at Rs 606-608. Soya solvent also ruled firm on subdued demand. In the spot, it was quoted at Rs 570-574 for 10 kg. According to oil traders, demand for soya oil continues to be sluggish. On the other hand, soya oil futures traded on positive note. On the NBOT, soya oil February contract , closed Rs 1.80 higher at Rs 655.80. Compared with the past few days, the gain in soya oil futures in the domesticmarket has turned out to be limited with continuing weak demand.

Soyabean ruled firm on weak arrival and comparatively weak support to soya meal in the export market. In the state mandis, soya seeds quoted Rs 10-15 up at Rs 2,270-2,325 a quintal, while in Indore mandis, it was quoted at Rs 2,260-2,335 a quintal.

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Published on January 31, 2011
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