02.06.2020 (Cogencis) - NEW DELHI – Following are the highlights of trading in edible oil markets today:

* At 1640 IST

   –June soybean contract on NCDEX was up 1.9% at 3,922.0 rupees per 100 kg

   –June refined soyoil contract on NCDEX was up 2.0% at 811.2 rupees per 10 kg

   –June crude palm oil contract on MCX was up 2.5% at 663.0 rupees per 10 kg

   –June mustard on NCDEX was up 1.4% at 4,622.0 rupees per 100 kg

* All components of the edible oil basket on domestic exchanges extended gains from the previous session.

* The most-active June soybean contract on NCDEX was up 1.9% following a hike in the minimum support price, analysts said.

* The government fixed the minimum support price of soybean at 3,880 rupees per 100 kg for 2020-21 (Oct-Sep) marketing season, up from 3,710 rupees per 100 kg last year.

* Soybean contracts on CBOT also rose as demand improved because of lower prices. Prices fell sharply on Monday because trade tensions between the US and China rose. US is the world's top producer and China is the leading buyer of soybean.

* Refined soyoil on NCDEX and crude palm on MCX were up on the hope of a rise in demand following easing of lockdown restrictions, dealers said.

* Crude palm oil prices on the Bursa Malaysia Derivatives also settled higher and supported contracts on MCX.

* Crude palm oil on BMD ended higher due to firm purchases by major overseas buyers and likely lower production in the coming days, said Mohit Vyas of Kotak Securities.

 * Mustard futures rose on NCDEX as procurement from farmers at minimum support price gathered pace, traders said.  

* The government procured 647,698 tn of mustard harvested in 2019-20 (Jul-Jun) across five states as of Thursday, up 236,546 tn from a fortnight ago, a government official said today.

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