Spot demand in the local market pushed up soya oil prices even as Malaysian palm-oil futures declined on weak projections. Soya refined rose to Rs 608-612 for 10 kg against Rs 603-605 on Saturday. Soya solvent gained at Rs 570-575 for 10 kg (Rs 565-570) on robust ready demand ahead of the festive season.
Soya-oil futures also gained despite weak foreign markets. The October contract of soya oil was up Rs 8.15 at Rs 634 for 10 kg on the National Commodity and Derivatives Exchange, while for November delivery it rose by Rs 1.30 at Rs 609.40. However, soya refined for October delivery closed marginally down at Rs 608.70 for 10 kgon the National Board of Trade (Rs 609.10).
Soya seeds, on the other hand, ruled firm at Rs 2,025-2,100 a quintal as a two-day strike in mandis hit arrivals, with barely 1.25-1.5 lakh bags of soyabean being offloaded (4 lakh bags). Though mandis in Indore remained open despite the strike called by Bharatiya Kisan Sangh, mandis in Ujjain, Dewas and other nearby towns were closed. Beside lower arrivals, spot demand in the local market also supported soyabean, said Mr Mukesh Purohit, a soyabean trader. Plant deliveries of soyabean sold at Rs 2,180-2,220 a quintal on buying support.
Soya de-oiled cake sold at Rs 17,200 a quintal in the port against Rs 15,700-15,800 in the local market.