| Date: |
23-11-2010 |
| Subject: |
India's Refined Soya Oil Ends Higher On Firm E-CBOT, Soya Meal Demand |
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India's refined soya oil futures ended with moderate gains today lead by fresh buying amid firm E-CBOT Soyabean futures. The gains were capped by sharp losses in the Malaysian CPO futures. The strong export demand for the Soya meal supported firm trading in the domestic soya oil.
The benchmark December Soya Oil contract on NCDEX traded in the range of Rs. 574.70-Rs 567 per 10 kg. The contract ended the day higher at Rs. 569.50, up Rs. 2.95 or 0.52 percent from the last close. The open interest in the contract added 3.52 percent to 157460 tonnes.
E-CBOT December Soya Oil is currently trading higher at 49.14, up 0.18 cents per pound.
Crude palm oil futures on Malaysia's derivatives exchange fell Monday as investors booked profits on concerns China's plan to curb rising food prices will also hurt demand for edible oils. The benchmark February contract on the Bursa Malaysia Derivatives ended MYR142 or 4.3% lower at MYR3,184 a metric ton after tumbling as much as 4.4% to MYR3,179/ton.CPO traded lower after China, the world's biggest consumer of vegetable oils, said it will auction 100,000 tons from its rapeseed oil reserves. Lower October purchases of palm oil kept prices in the red. China's palm oil imports from Malaysia and Indonesia fell 28% on year to 359,143 tons, according to China's General Administration of Customs.
Source : indiainfoline.com
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