Refined Soya Oil Slides, Heavy Correction In Crude Palm Oil Futures
India Info Line (28/07/2020) Refined Soya Oil futures slipped today as bearish cues from palm oil markets and lack of demand in local futures after recent spurt capped the downside. Malaysian Palm oil futures have slumped after recent surge as traders hoped for a recovery in output globally. The local palm oil sector is poised to begin its recovery in the second half (2H) of 2020 following the easing of Covid-19 lockdowns globally. This would in turn improve global demand from major consumers particularly China and India, said Boustead Plantations Bhd chief executive officer Ibrahim Abdul Majid, media reports noted yesterday. This pulled the benchmark Crude Palm oil futures down by around 4% yesterday and the futures are down another 2.5% today. The benchmark Refined Soya Oil futures are currently trading at Rs 845.60 per 10 kg, down 0.62% on the day.