India Soy Oil to Edge Higher on Firm Demand .

MUMBAI (Commodity Online):Positive sentiments prevails in soy oil markets both physical as well as futures. SEA of India released import data for edible oils for marketing season 2010-11.

Total import of edible oil during this period declined by 5.12 % as compared to last year. On monthly basis also imports marginally declined.

Total stocks on the ports have also come down slightly as on 1st November. The decline in imports figures is mainly attributed to the ample domestic availability due to high crushing and good parity to the crushers.

However, the picture may change next year as consumption demand keeps on rising and Indian domestic edible oil production scenario from all available sources of kharif season is estimated to remain less as compared to last year.

This is a positive sign for Indian market. Now a lot will depend upon the Rabi season crop output.

Some of renowned market experts believe that Malaysian CPO sentiments will show improvement due to falling stocks and slow production growth. Further overall demand growth will outpace the additional supply increment.

Source : commodityonline.com