14/12/2010 (India Infoline) - Indian Refined Soya Oil futures came off from the intraday high on some profit taking lead by slump in the Malaysian CPO futures. NCDEX Refined Soya Oil gained during the early sessions on fresh buying amid firm global cues and lower imports and stocks in the first month of the new oil year.

Crude palm oil futures on the Bursa Malaysia Derivatives hit 30-month highs Tuesday, but came off those levels to end lower due to expectations that export demand weakened in the first half of the month. The benchmark February contract ended MYR42 lower at MYR3,680 a metric ton, after touching a fresh 30-month intraday high of MYR3,766/ton. Palm oil prices rose in early trade after the government-linked Malaysian Palm Oil Board said the country will fall short of an earlier output estimate of 17.5 million tons due to an acute shortage of labor and slow harvesting amid annual monsoon rains. But the market gave up its gains and slid into negative territory late in the afternoon session, as a weak outlook for exports in the Dec. 1-15 period spurred traders to liquidate their long positions. The E- CBOT January Soya Oil is currently trading lower at 55.17, down 0.28 cents per pound.

NCDEX Refined Soya Oil for the January delivery ended the session higher by Rs 2.35 or 0.39% at Rs 604.40 after hitting the new high of Rs 610.30 per 10 kg. The open interest added 4.65% to 146040 tonnes, indicating fresh buying. Volume traded slipped to 99,400 tonnes from 1,70,750 tonnes