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Soya oil prices continued to tumble both in the spot and futures on slack demand in the domestic market. The sluggish trend in soya oil is continuing primarily because of the sudden decline in demand, but traders are hopeful of revival in demand.
According to trader sources, demand for soya oil may not be higher as expected with the arrival of new mustard crop in the market by the first week of February, as demand for mustard oil compared to soya oil, will pick up in the north Indian states.
Taking cues from bullish Malaysia palm oil futures in the morning, soya refined prices in the spot on Thursday morning quoted at Rs 615-618 but prices further declined to Rs 607-612 for 10 kg, (down Rs 6) in the evening. Soya refined saw maximum trading in the re-sale at Rs 608 for a period up to January 31.
Weak demand also dragged soya solvent prices with its prices in the spot quoted at Rs 574, while in delivery it was quoted at Rs 577 for 10 kg. On the NBOT, soya oil February contract closed lower at Rs 649.30. Similarly, soya oil February and March contracts on the NCEDX also edged lower at Rs 651.20 and Rs 656.40 respectively.
On the other hand, soyabean prices edged lower both in the spot and futures. Soya seeds saw a decline of Rs 30-50 both in the spot and futures. In State mandis , soyabean was quoted at Rs 2,300-2,370 a quintal, while in Indore mandis , it was quoted at Rs 2,340-2,400 a quintal.
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