MARKET DEVELOPMENT
Weak Demand for Palm Oil May Heat up Soya Oil
Weak Demand for Palm Oil May Heat up Soya Oil
30/12/2013 (Hindu BusinessLine) - Soya oil ruled flat on slack buying and weak global cues.
Soya (refined) on Monday ruled at Rs 660-65 for 10 kg on sluggish demand. Similarly, soya solvent also traded low at Rs 610-15.
In futures, however, soya oil traded marginally higher on improved buying with its January and February contracts at Rs 693.65 (up 70 paise) and Rs 684.70 (up Rs 1.50).
According to traders, notwithstanding availability of imported palm oil in the country in abundance, soya oil may see a rise in its prices in January in absence of demand in palm oil. Weak demand in soyameal also dragged soyabean prices in Indore mandis in the past one week by Rs 150 with its price on Monday being quoted at Rs 3,600-3,800 a quintal amid an arrival of 1.25 lakh bags in the State.
In futures also, soyabean traded low on slack buying with its January and February contracts on the NCDEX closing at Rs 3,776 (down Rs 13.50) and Rs 3,735 (down Rs 15).
Plant deliveries in soyabean also declined to Rs 3,850-3,925 (Rs 3,925-75 last week) on weak demand.
Given expected rise in arrivals in the coming days and weak demand in soyameal, sluggish trend in soyabean will likely to continue in the coming days, said Mukesh Purohit, a local trader.
Sluggish demand in soyameal also kept prices steady on the port at Rs 35,200 (Rs 35,800-900 last week), while it ruled at Rs 33,600 a quintal in the domestic market (Rs 34,000 last week).
Soya (refined) on Monday ruled at Rs 660-65 for 10 kg on sluggish demand. Similarly, soya solvent also traded low at Rs 610-15.
In futures, however, soya oil traded marginally higher on improved buying with its January and February contracts at Rs 693.65 (up 70 paise) and Rs 684.70 (up Rs 1.50).
According to traders, notwithstanding availability of imported palm oil in the country in abundance, soya oil may see a rise in its prices in January in absence of demand in palm oil. Weak demand in soyameal also dragged soyabean prices in Indore mandis in the past one week by Rs 150 with its price on Monday being quoted at Rs 3,600-3,800 a quintal amid an arrival of 1.25 lakh bags in the State.
In futures also, soyabean traded low on slack buying with its January and February contracts on the NCDEX closing at Rs 3,776 (down Rs 13.50) and Rs 3,735 (down Rs 15).
Plant deliveries in soyabean also declined to Rs 3,850-3,925 (Rs 3,925-75 last week) on weak demand.
Given expected rise in arrivals in the coming days and weak demand in soyameal, sluggish trend in soyabean will likely to continue in the coming days, said Mukesh Purohit, a local trader.
Sluggish demand in soyameal also kept prices steady on the port at Rs 35,200 (Rs 35,800-900 last week), while it ruled at Rs 33,600 a quintal in the domestic market (Rs 34,000 last week).