Soyabean oil up amidst scattered purchases

Our Correspondent Indore | Updated on August 12, 2013 Published on August 12, 2013


Soyabean oil traded higher on strong global cues, despite scattering buying.

Soya refined ruled at Rs 645-50, while soya solvent ruled at Rs 615-20 for 10 kg on Monday.

Compared with last week, soya oil is up Rs 10.

In the futures market also, soya oil traded higher on global cues and buying support with August and September contracts on the NCDEX closing at Rs 676.45 (up Rs 5.40) and Rs 655 (up Rs 3.20).

Given the decline in arrival of soya seeds and festive demand ahead, bearish sentiment in soya oil appears unlikely in the coming days, said Mukesh Purohit, an Indore-based soya oil trader.

Amid weak arrival with merely 25,000 bags of soyabean being offloaded in Madhya Pradesh mandis, uptrend in soyabean continued.

On Monday, soyabean in the State mandis ruled at Rs 3,350-3,500 (up Rs 200 from last week).

In the futures market, October contract on the NCDEX closed higher at Rs 2,966 (up Rs 39.50).

While November contracts closed lower at Rs 2,995 (down Rs 35.50).

Weak arrival and improved demand from crushers also lifted plant deliveries of soyabean on Monday to Rs 3,550-3,600 (up Rs 150 from last week).

According to traders here, prices of soyabean and soya oil in the coming days would be influenced by the USAID report which was slated to be released late Monday evening.

Improved demand and buying support in the past few days have also lifted soya DOC with its prices in the domestic market on Monday being quoted at 30,000-30,500, while it ruled at Rs 32,000-32,200 on the port (up Rs 2,000 a quintal from last week).

Published on August 12, 2013
This article is closed for comments.
Please Email the Editor