01/10/2010 (Commodity Online) - The refined soy oil futures recovered from recent losses on Thursday as investors covered their short positions.

Month-end position squaring was feature of the day. Indian soy oil futures took cues from the firm Malaysian palm oil market. BMD CPO futures ended positive on strong export data and taking cues from firm crude oil market.

Low level buying in Indian market also supported the rise in the prices during the day.

Outlook
The refined soy oil futures are projected to trade on a positive note on Friday on extended short covering.

A firm trend in overseas market is likely to render support to the domestic market. Since the prices have substantially in early part of this week, we may see a bargain buying at lower levels.

However, spot market is likely to remain subdued on poor trade participation ahead of long week-end. Derivatives analysis is also supporting positive trend for the day.

CBOT soy oil and BMD palm oil futures are trading higher tracking a rise in crude oil prices.