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 Nur Aisha Abd. Wahab
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 India Edible Oil: Soybean gains on recovery in demand from crushers

Cogencis (25/08/2020) - NEW DELHI – Futures contracts of all components in the edible oil basket, barring soybean, edged lower on the domestic exchanges today. 

* Futures contracts of SOYBEAN on the National Commodity and Derivatives Exchange rose due to recovery in demand from crushing plants, analysts said. 

* A rise in soybean prices on the Chicago Board of Trade also supported the prices, traders said.

REFINED SOYOIL futures on the NCDEX and CRUDE PALM OIL futures on the Multi Commodity Exchange of India declined on reports of upbeat imports and ample supply in wholesale markets, analysts said.

* Weakness in crude palm oil futures on the Bursa Malaysia Derivatives also dragged contracts on the MCX, dealers said.

* Crude palm oil contracts on BMD settled lower today due to profit booking after a firm rise in prices over the past few days, said analysts. Prices had risen due to firm export demand, coupled with firm buys from Malaysia's own biofuel sector, they said. Palm oil is used in production of biofuel.

MUSTARD contracts on the NCDEX settled lower due to tepid demand from oil millers, analysts said.

Following are the highlights of trade in edible oil markets today:

* At 1717 IST

–September contract of soybean was up 0.9% at 3,840.0 rupees per 100 kg on NCDEX

–September contract of refined soyoil was down 0.55% at 864.0 rupees per 10 kg on NCDEX

–August contract of crude palm oil was down 1.2% at 746.0 rupees per 10 kg on MCX

–September contract of mustard was down 1.1% at 5,171.0 rupees per 100 kg on NCDEX


IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Read more at http://www.cogencis.com/newssection/india-edible-oil-soybean-gains-on-recovery-in-demand-from-crushers/

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