Soya oil ruled higher on strong global cues even as buying support in soya oil in the physical market remained weak.
With rise in foreign soya refined closed higher with its price in the spot and delivery being quoted at Rs 685-88 for 10 kg (Rs 680-85). Similarly soya solvent also ruled higher at Rs 654-58 for 10 kg (Rs 652-55) on strong global cues and rise in import prices. In futures also, strong buying support perked up soya oil with June contract on the NBOT closing at Rs 731 for 10 kg (up Rs 3.50). Similarly on the NCDEX soya oil traded higher with its June and July contracts closing at Rs 735 (up Rs 8), and Rs 740.20 (up Rs 8.20).
According to traders, as the soya oil had already been trading low for the past some time due to higher demand in cotton and palm oil, any bearish sentiment in soya oil appears unlikely .
Soyabean also ruled higher on weak arrival, even as demand in soya DOC remained weak. In mandis across Madhya Pradesh soyabean prices gained Rs 15-50 at Rs 3,250-3,325 a quintal. Similarly plant deliveries in soyabean also closed marginally higher at Rs 3,350-3,425 as arrivals in Madhya Pradesh declined to 25,000-30,000 bags. In futures also soyabean traded higher on strong buying support with its June and July contracts closing at Rs 3,310 (up Rs 41.50) and Rs 3324.50 a quintal (up Rs 40.50).