MUMBAI (Commodity Online): Refined soy oil futures extended previous session’s gains on Wednesday on the back of firm Malaysian CPO futures and the improving demand in the domestic market.
A sharp up move in last session saw the NCDEX December Refined Soy oil close at Rs 460 per 10 kg and the prices hit a high of Rs 464.50 per 10 kg today. The contract may eye levels of Rs 467 in intraday moves from hereon.
Domestic edible oils industry is calling for higher import duties on edible oils as the rise in overseas supply is hurting local growers and there is a likelihood that sufficient stocks and lack of good returns last year would deter farmers from planting much of rape mustard seed this year - pushing the domestic prices up in December - January period.
Trading platform that even a 5 year old can trade. Join nowSoy oil prices remains volatile and trades in both directions for the last few days. Firm spot demand and positive outlook of the US soybean and soy oil has helped Indian prices to sustain on higher levels.
However current levels feel resistance due to profit booking. International market remains positive in soy oil and CPO. In a conference held at Indore, India oilseeds industry experts opined that prices may remain positive for some more time due to delay in the US soybean harvesting process, improved sentiments in the international crude oil prices and good demand at the domestic market.
