Commodities

Subdued demand, weak global cues crush soyabean, oil

Our Correspondent Indore | Updated on March 12, 2018 Published on October 29, 2012

BL30_COM2_SOYBEAN

Sluggish trend prevailed in soya oil and soyabean on weak global cues and buying support in physical market.

Soya refined ruled at Rs 680-85 for 10 kg (down Rs 3) on weak foreign and slack buying support.

Similarly, soya solvent declined to Rs 640-43 (down Rs 5) on scattered buying support. In futures also, soya oil traded lower on weak buying support, CBOT projections .

On the NBOT, soya refined November contract closed lower at Rs 703.20 for 10 kg after opening at Rs 705.50 in the morning. Similarly, soya oil futures with its November and December contracts on the NCDEX closed at Rs 700 (down Rs 3.30) and Rs 691 (down Rs 3.70).

According to Mukesh Purohit, a trader, given rise in demand in the coming days, bearish sentiment in soya oil appears unlikely.

Soya seeds ruled firm even as arrival of soyabean in Madhya Pradesh declined to 1 lakh bags due to closure of a large number of mandis on account of ‘Valmiki Jayanti’. In Madhya Pradesh, soyabean was at Rs 3,150-3,200 a quintal which is almost same as compared to its prices last week.

Similarly, plant deliveries also ruled firm at Rs 3,275-3,300 on subdued demand. In Indore mandis, soyabean ruled at Rs 3,080-3,150 amid arrival of 14,000 bags.

The November and December contracts of soyabean on the NCDEX were at Rs 3,311 (down Rs 33.50) and Rs 3,350 (down Rs 31) respectively.

Soy DOC also ruled steady at Rs 27,800-28,000 on weak domestic demand.

Published on October 29, 2012
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