MUMBAI (Commodity Online): Weakness was seen in soy-refined prices on bearish global cues. Soy refined on CBOT and CPO on BMD, Malaysia exhibited down trend on Thursday, which also affected India market sentiments.

Physical demand has yet not picked up. However in near future traders are expecting some improvement. Experts opine that soy oil long term out look is positive but short-term sentiments may remain volatile because of the huge South American crop, which may keep pressurizing prices throughout March this year.

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Further preliminary assessment regarding the US soybean sowing intention may also affect the long-term market sentiments. Our domestic supply situation seems quite comfortable due to heavy imports in the past one year.

However, traders opine that India would continue to import to meet its growing demand. On Friday soy, refined prices are likely to remain volatile and movement in both directions may be seen.

Courtesy: Religare Commodities

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