29/12/2010 (Commodity Online) - The refined soya oil futures soared to fresh yearly high on Tuesday on extended buying supported by strong overseas market.

A rally in international edible oil market on tight supply condition gave underlying support to Indian market. Domestic traders bought soy oil futures anticipating lower import from Argentina in coming months.

BMD palm oil futures saw a rally tracking strong CBOT soy market despite decline in export of palm oil. However, in second part of the day prices shed morning gains on long liquidation.

Outlook
The refined soy oil futures are forecast to trade on a negative note on Wednesday on profit booking and taking cues from weak overseas market.

CBOT soy and BMD palm oil futures are trading lower due to year-end profit booking. Market will take a technical correction; however, underlying fundamental factors are remaining strong.

Tight global supply situation is likely to keep the market on Bull Run in medium term.