IND: Refined Soya Oil Rebounds From Early Losses On NCDEX
NCDEX Refined Soya Oil recovered from the early losses lead by fresh buying amid firm E-CBOT Soya complex.
The benchmark January refined soya oil contract traded in the range of Rs. 600.85- 597.10 against the last close of Rs. 598.05 per 10 kg. The contract is currently trading higher at Rs. 600.35, up Rs. 2.30 or 0.38 percent over the last close. The open interest added 0.31 percent to 133330 tonnes, indicating fresh buying.
The E-CBOT Soya Oil is currently trading higher at 53.80 for the January delivery, up 0.28 cents per pound.
The CPO futures on BMD closed today on Awal Muharram (Maal Hijrah) festival.
Soy product futures finished mixed, with soyoil rising on strong demand while soy meal stumbled with soybeans on Wednesday. Strong global vegoil demand, fears of tightening palm oil supplies and fresh export sales of U.S. soyoil reported by USDA Monday supported soyoil in the face of price pressure from soybean.
CBOT Jan soyoil ended 0.09c or 0.2% higher at 53.54 cents per pound, and Jan soy meal traded $5.10 or 1.5% lower at $346.50 a short ton.
