Posted on Feb 28, 2008 at 01:05
Soy oil prices surge
NCDEX and MCX refined soy oil futures were quoted sharply higher inline with the upbeat trend in international markets and on higher energy prices. Firm tone in the overall commodity complex and imp roved buying support in the spot markets have lent underlying support to the prices.
May soyoil finished 0.90 cent higher at 63.02 cents per pound, Friday.
On the Bursa Malaysia Derivatives Exchange May soybean oil closed CNY 506 higher at CNY 13188 per tonne. Palm oil May contract increased by CNY 442 to close at CNY 11506 per tonne.
May crude palm oil futures on the Bursa Malaysia Derivatives Exchange traded RM 192 higher at RM 3890 per tonne.
In the spot markets, at Indore soybean oil prices were up by Rs 18 to Rs 641 per 10 kg; at Nagpur it gained Rs 22 to Rs 650 and in Mumbai it was up by Rs 21.50 to Rs 651.50.
NCDEX refined soy oil March contract was up by Rs 15.65 or 2.46% to Rs 651.70 per 10 kg at 14:36 IST. MCX March refined soy oil futures increased Rs 14.10 or 2.22% to Rs 648.10.
[Source:www.commodityonline.com]
