07/04/2011 (India Infoline.com) - Domestic Soya Oil spurted around 0.95% in the early trading session triggered by short covering tracking the positive global markets.

U.S. soyabean futures settled lower, continuing its retreat from prior gains as slowing demand and increased competition from South America weighed on prices. Chinese demand in the world soybean market has slowed amid negative Chinese soya crush margins and with weak cash basis levels in South America added weakness. CBOT May soya oil ended 0.03 cents or 0.05% lower at 58.85 cents per pound and the contract is currently trading higher at $ 59.30, up $ 0.45 cents per pound.

Palm Oil futures for the June delivery on BMD is currently trading higher at MYR 3376, up 10 MYR per tonne after moving in the range of MYR 3385- 3354 per tonne.

The benchmark April contract on NCDEX spurted by Rs. 5.90 or 0.95% to the session high of Rs. 624.4 and the open interest dipped 1.90% to 53190 tonnes. The contract is currently trading higher at Rs. 623, Rs. 4.25 over the last close.

The contract is likely to find the resistance at Rs. 626 and support at Rs. 619 per 10 kg in today's trading sessions.