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Spot Refined Soy Oil Steady On Sluggish Demand

5 Jan 2017 4:22 pm
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MUMBAI (Commoditiescontrol) – Refined soy oil traded mixed in most of the markets of the country on Thursday due to strong Indian rupee despite firm cues from U.S market.

Indian currency gained 0.22 percent today has weighed on edible oil despite of positive U.S market. U.S soy oil market extended gain of 0.25 percent after 1.15 percent rise on previous session.

A trader from Indore said, soy oil prices seen sideways, as demand is equally divided with other edible oil due to low price gap .

However, soy oil is preferred veg oil for consumption as the same is most favorable due to high protein.

Currently, price gap with rival sunflower oil is $34 per tonne as on December 5 against $57 on December 2. While palm-soy oil price gap is at $49. Further mustard oil is Rs 10/Kg higher than soy oil.

Prices may also get support as stocks at various ports of the country was around 1.30 lakh tonnes on December 26 against 1.63 lakh tonnes same period last year, the trader concluded.

Refined soy oil most active January contract on NCDEX was lower 0.32 percent or Rs 2.35 at Rs 727.55/10kg against previous close of Rs 729.9 while forward February contract was down 0.2 percent at Rs 717.4 against Rs 718.8 on previous session.

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

Soy oil 5-Jan-17 4-Jan-17 Change
Mumbai 715 715 -
Indore 737 737 -
*Akola 757 755 2
*Alwar 750 750 -
*Amravati 758 756 2
*Bharatpur 750 750 -
*Kota 745 745 -
*Bundi 745 745 -
Kolkata 725 720 5
*Jalna 765 765 -
Kandla 725 725 -
*Dhulia 757 757 -
*Latur 747 750 -3
*Nagpur 762 760 2
*Nanded 747 750 -3
Rajkot 725 725 -
*Solapur 747 750 -3

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


       
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