Login ID:
Password:
Partner Login
Contact Us : 7066511911

Soybean futures slows down over lower demand, reduction in CPO import duty

26 Nov 2020 7:21 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

Mumbai (Commodities Control) – NCDEX Soybean Dec 20 futures today fell by 60 Rs to settle at 4350 Rs/qtl.
Lower demand by plants, profit booking by stockist has led to fall in soybean futures.


Soybean prices came under pressure today after Indian govt announced reduction in import duty on crude palm oil by 10% to control rising veg oils prices.


Palm oil compromises of 60% of total edible oil import by India. Recent rise in prices had raised eyebrow and putting food inflation in high risk.


By reduction in import duty the govt has achieved the lower prices in domestic market but it is highly unlikely to sustain.


Primary reason the market for veg oil went up was due to sharp shortage in soft oil and palm oil stocks alike.


Reduction in duty might give respite for short term but eventually spot tightness and short coverage will result in higher prices.


Soybean prices have indirect impact of reduction in duty as it makes local available oil less attractive. However, we expect that market will end
correction soon as it has approached levels which can be considered as bargain buy for soybeans.


NCDEX Soybean futures are likely to hold above 4250/4300 Rs/Qtl on correction and eventually attract buyers to steadily take prices back up again due to strong meal demand.


(Commodities Control Bureau)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
Bearish Trend Continues In Guar Gum, Seed Despite Lower...
Mixed Trend Prevails In Spot Guar Complex, Seed Remains...
Spot Guar Complex Gain As Future Contracts Move Up, 910...
Spot Guar Gum, Seed Prices Remain Range Bound Amid Unce...
Guar Gum Remains Under Pressure Despite Better Volume, ...
more
Top 5 News
Bearish Trend Continues In Guar Gum, Seed Despite Lower...
Spot Mustard Seed Prices Extend Losses As Bearish Trend...
A.P-Telangana Cotton Steady for Second Straight Session...
Sugar Dips In Delhi As Millers Reduce Prices, But Botto...
Spot Cotton Rates Weak-to-Steady Across Major Markets T...
Top 5 Special Reports
USD/INR (Jan 21) Weak Price Trend / Next Target at 7...
USD/INR (Jan 21) Weak Price Trend / Next Support at ...
USD/INR (Jan 21) Weak Price Trend / Next Support at ...
USD/INR (Jan 21) Weak Price Trend / Next Support at ...
Weekly: Moong-White Pea Edges Higher, Tur-Masoor Soften...
Copyright © CC Commodity Info Services LLP. All rights reserved.