| Date: |
03-09-2010 |
| Subject: |
Soyoil eases for 4th day on higher supply |
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MUMBAI: Soyoil futures eased for a fourth straight day on Thursday morning on higher imports of edible oil and improved supplies after soybean crushing gained momentum, analysts said. Soybean is crushed to produce oil and meal.
However, bargain-buying, driven by hopes festivals will lift demand for edible oils in the next two months, limited the downside, they said.
India's edible oil imports in August might have risen by over 30 percent on year to 800,000 tonnes as Indian refiners raised purchases of palm oil to cater to festive demand, an industry official said.
At 10:20 a.m., September soyoil on National Commodity and Derivatives Exchange (NCDEX) was down 0.41 percent at 482.5 rupees per 10 kg. Demand for edible oils usually goes up in India during Aug-Nov due to different festivals like Diwali and Eid.
Source : economictimes.indiatimes.com
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