NCDEX Soy Oil Trades Higher on Global Cues .

MUMBAI (Commodity Online): Refined Soy Oil futures rose Monday on fresh buying by the traders on the back of firm demand in the domestic markets and on tracking firm global cues.

At NCDEX soy oil December contract is trading at Rs.642.50 per 10 MT, higher by 0.52 per cent on 16:20 IST against the previous close.

In the morning session the contract traded at a range of Rs.637.50-642.90 per 10 MT. Open interest of the contract is 83270 lots and volume traded is 58810 lots for the time being.

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.

Source : commodityonline.com