| Date: |
09-06-2011 |
| Subject: |
Soy Oil Seen Mixed Trend In India |
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Market is not sustaining on higher levels due to lack of buying support. In fact CPO prices on the BMD, Malaysia has corrected substantially due to expectations of increase in production and stocks which has directly impacted the Indian market sentiments.
However, the demand from the major importing nations is gradually improving ahead of the Muslim holy month of Ramadan in August.
As per the USDA, attaché report, the growth in consumer income and changing dietary trends will drive soybean imports to 58 MMT in Marketing year 11-12 to meet increasing demand for vegetable oils and animal products.
In India, as per the government sources, following the rise in output, the country's edible oil imports during November-April decreased 15% to 3.5 MMT in the fiscal year started April 1 in 2010-11.
On Thursday soy refined market sentiments are expected to trade both sides. Initially some improvement may be seen but late on prices are expected to exhibit weakness again.
Source : commodityonline.com
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