MUMBAI (Commodity Online): Refined Soy Oil futures on the NCDEX counted soared to the three and half weeks high on Tuesday on the back of firm global sentiments.

NCDEX Refined Soy oil futures found this scenario conducive and rallied in the first half an hour to test levels above Rs 470, extending a recent rebound from contract lows. The prices are up for a fourth consecutive session now, with gains coming in thick and fast once the Rs 450 barrier was overcome.

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The counter tested a high of Rs 470.80 per 10 kg and currently trades at Rs 468.60; up Rs 0.55 per 10 kg or 0.12% from the previous close with 0.92% increase in the open interest. The counter is eying a break above Rs 470 yet again, having already done so twice so far and may aim highs around Rs 471.80-472.50.

The real gains came in the Malaysian CPO futures though. The benchmark April futures on the Bursa Malaysia Derivatives Exchange are quoting at MYR 2550 per tonne, up MYR 29 per tonne from the previous close.

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