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Spot Refined Soy Oil Steady On Sluggish Demand, Mixed Cues

4 Jan 2017 4:34 pm
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MUMBAI (Commoditiescontrol) – Refined soy oil traded steady in most of the markets of the country on Wednesday due to sluggish demand.

A trader from Indore said, soy oil ruled steady to sideways in todays trade as direction was not clear from global market.

U.S soy oil futures rose 0.23 percent during Asian hours after loss of 0.43 percent during previous session. However strong rupee pressured domestic edible oil.

Market participants were silent today on reports of favorable weather condition in South America, which may raise prospects for big supply of soy oil and pressure prices.

On demand side, according to trader, soy oil may gain market share in coming days ahead of festive season during mid-Jan to mid-March, due to low price gap with other edible oil in the complex.

Currently price gap between soy and sunflower oil is $25 per tonnes in FoB terms while price gap with rival palm oil has also narrowed to $48.

While, mustard oil continued to trade Rs 11/Kg higher than soy oil.

Prices may also get support as stock at various ports of the country which totalled 1.30 lakh tonnes as on December 26, down from 1.45 lakh tonnes on December 19.

The stocks are not only down week on week basis, but the same is down against 1.63 lakh tonnes during same period last year, the trader concluded.

Refined soy oil most active January contract on NCDEX was trading soft at Rs 726.2/10kg against previous close of Rs 726.6 while forward February contract was higher 0.15 percent at Rs 715 against Rs 713.9 on previous session.

Following are soy oil prices (Rs/10kg) in various markets of India at 1:30 pm(IST).

Soy oil 4-Jan-17 3-Jan-17 Change
Mumbai 715 710 5
Indore 737 735 2
*Akola 755 757 -2
*Alwar 750 750 -
*Amravati 756 758 -2
*Bharatpur 750 750 -
*Kota 745 745 -
*Bundi 745 745 -
Kolkata 720 720 -
*Jalna 765 -
Kandla 725 725 -
*Dhulia 757 761 -4
*Latur 750 750 -
*Nagpur 760 762 -2
*Nanded 750 750 -
Rajkot 725 -
*Solapur 750 750 -

(By Commoditiescontrol Bureau; +91-22-40015516)


       
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