24/12/2013 (Hindu Business Line) -  Strong global cues and rise in soyabean and soya oil futures lifted soya oil prices to on Monday, notwithstanding subdued demand in the spot market.

Soya refined was quoted higher at Rs 665-70 for 10 kg (Rs 660-663).

Soya solvent also ruled higher at Rs 621-28 for 10 kg (Rs 610-618). Compared with last week, soya oil is ruling Rs 10 higher. In the futures market also, soya oil traded higher on strong buying support with January and February contracts on the NCDEX closing at Rs 699.60 for 10 kg ( up Rs 3.65) and Rs 694 (up Rs 3.80) Soya oil prices had traded weak over the last two weeks on slack demand and rise in the arrival of imported edible oils. According to traders here, increased arrival of imported oil has affected business.

However, notwithstanding the availability of imported palm oil, soya oil may rise in during winter as palm oil freezes, said Vinod Choudhary, a local broker.

Soyabean also ruled higher on higher demand for meal. Prices ruled at Rs 3,750-3,950 a quintal.

In futures also, soyabean traded higher with January and February contracts on the NCDEX closing at Rs 3,880.50 a quintal (up Rs 60) and Rs 3,855 (up Rs 23) respectively.

Plant deliveries of soyabean ruled at Rs 3,925-75 a quintal (Rs 3,850-Rs 3,950 a quintal last week).

Improved buying support lifted soyameal prices to Rs 35,800-900 a quintal, while it quoted at Rs 34,000 a quintal in the domestic market.