MUMBAI (Commodity Online): Soy refined futures market sentiments remained largely weak however, movement was seen in both directions. Prices fell significantly during last week on poor physical market demand and weak global cues. International edible oil sentiments are still weak as CPO on BMD, Malaysia and soy refined on CBOT trades largely with weak undertone.

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In an international conference at Malaysia to discuss about the edible oil market outlook, many of the experts opined that the soy oil long term out look is positive but short term weakness may be seen in oil prices because of the huge south American crop which will keep pressurizing prices throughout March this year. 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 Tuesday soy refined prices are likely to remain volatile and movement in both directions may be seen.

Courtesy: Religare Commodities

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