Refined soyabean oil futures opened lower on the National Commodities and Derivatives Exchange (NCDEX) on Wednesday as soyabean and oil prices dropped in the global market.
On the National Commodities and Derivatives Exchange (NCDEX), December futures of the refined soyabean oil traded lower by 0.81 per cent to ₹1,219.60 during the initial hours of trading on Wednesday against the previous close of ₹1229.60.
This is despite the US administration proposal to increase the amount of biofuel required to blend with oil.
However, December soyabean futures were up by 2.16 per cent at ₹6,663 in the morning trade on NCDEX against the previous close of ₹6,522.
Natural Gas on MCX
The December natural gas futures went up by 1.89 per cent on the Multi Commodity Exchange (MCX) in today’s morning trading session. The December natural gas futures were trading at ₹285.70 against the previous close of ₹280.40 on Wednesday. The January futures of natural gas were trading $3.765, up by 0.88 per cent, on NYMEX.
Though natural gas futures went down by almost 10 per cent on Monday, it recovered in the Tuesday’s session tracking gains in Europe. There are expectations among market participants that the US LNG exports will remain high.
However, the December crude oil futures were down by 0.84 per cent at ₹5,424 on MCX against the previous close of ₹5,470.
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