| Date: |
04-01-2012 |
| Subject: |
NCDEX Soybean Settles Higher On Hopes of Low Imports |
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MUMBAI (Commodity Online):Soybean futures traded higher on Tuesday on strong demand in the domestic markets along with hopes on low imports.
In NCDEX soybean January contract is trading at Rs.2615.50 per quintal, higher by 2.08 per cent on 16:50 IST against the previous close.
In the morning session the contract traded at a range of Rs.2551-2638 per quintal. Open interest of the contract is 138990 lots and volume traded is 236040 lots for the time being.
Estimations of lower imports in India during December and January and increase in prices of imported oil '500/ton is might also result in higher spot prices.
Palm oil supplies are also interrupted due to heavy rains affecting harvesting activities and plantations in the low lying areas.
Palm oil exports during December month is estimated to have reduced meagerly by 2.6% which might retain the positive trend in prices.
Source : commodityonline.com
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