MUMBAI (Commodity Online): Refined Soy Oil futures recovered from six weeks low on Friday, registering steady gains on the back of firm demand in the spot market. However, the oilseeds arrivals in the spot market have been steady to robust and are expected to pick up the strength.

NCDEX refined soy oil futures for April contract touched a high of Rs 455.75 per 10 kg and currently trading at Rs 455.60, up Rs 1.80 or 0.40% from the previous close. The March series is expiring today and the overall movement is choppy.

In global markets, the Soybean futures on the CBOT are trading unchanged while Malaysia CPO futures are marginally up, quoting at RM 2560, up RM 10 per tonne from the previous close for the benchmark May contract. NCDEX April may eye highs around Rs 456.80 as long as it stays above Rs 455 mark.

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The Refined Soy Oil futures declined sharply yesterday on speculative selling in the futures and taking cues from weak overseas market.

The sudden fall in BMD palm oil futures triggered by decline in Crude Oil price also had a bearish impact on the Indian soy oil market. The active April contract soy oil futures made an intraday low of 453.30 levels from a high of 458.50 levels and settled at 453.80 levels, declining by 0.98%.

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