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Vegoils Commentary: NCDEX Ref Soy oil stayed flat today, global prices stable

25 Nov 2020 9:13 pm
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Mumbai (Commodities Control) – NCDEX Ref Soy oil futures today stayed flat to close 1.3 Rs/10 Kg up at 1054 Rs/10 KG for active Dec 20 contract.


Prices revive today after falling heavily in yesterday’s session.


Global soybean oil prices remained stable, with CBOT soybean oil Jan 21 futures trading 0.17 ct/lb up at 37.88 ct/lb at time of reporting.
Prices received support from positive palm oil and crude oil prices.


Demand scenario is not encouraging for short run as multiple lock down has been announced across the country due to increasing COVID-19 cases.

It is highly discouraging for hospitality and catering sector which were looking for revival during the wedding season.


Solvent extraction association today appealed to govt not to remove import duty on veg oils as it will be hugely discouraging for local refiners and oilseed farmers.


NCDEX Ref Soy futures is anticipated to stay above 1050 Rs/10 Kg and trade towards 1070 Rs/10 KG in near term.


(Commodities Control Bureau)


       
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