The speculators trimmed their deals amid weak demand in the spot market, causing refined soya oil prices to fall by Rs 2.8 to Rs 1,145 per 10 kg in futures trade on Tuesday. At the National Commodity and Derivatives Exchange, the futures contract for refined soya oil for delivery in February fell by Rs 2.8, or 0.24 per cent, to Rs 1,145 per 10 kg. The contract entered into deals for 7,650 lots.
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Market analysts said that the reduction in refined soya oil prices in futures trade was mainly due to traders cutting their trades against adequate stocks. However, futures contract for delivery of refined soya oil in March rose by 40 paise or 0.04 per cent to Rs 1,125 per 10 kg. The contract entered into deals for 40,865 lots.
Soybean viada prices rise
Traders bought fresh deals due to strong spot demand, leading to a rise of Rs 25 per quintal to Rs 4,850 per quintal in futures trade on Tuesday. At NCDEX, soybean delivery for delivery in February rose by Rs 25, or 0.52 per cent, to Rs 4,850 per quintal with a turnover of 1,055 lots. Soybean prices for delivery in March rose by Rs 20, or 0.42 per cent, to Rs 4,838 per quintal, with a turnover of 2,16,645 lots. Market sources said that fresh buying by speculators amid increased demand from the market mainly led to rise in soybean futures.
Cottonseed oil futures also rise
In futures trading, the price of Cottonseed Khali rose by Rs 18 per quintal to Rs 2,270 per quintal on Tuesday. At NCDEX, the delivery contract for Binolatel Khali in February rose by Rs 18, or 0.8 per cent, to Rs 2,270 per quintal with a turnover of 7,960 lots.
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The contract for delivery in March of Binoulatel Khali rose by Rs 17 or 0.75 per cent to Rs 2,292 per quintal with a turnover of 1,25,990 lots. Market sources said that the size of the cottonseed oil futures increased mainly due to the increase in the size of their trades by traders amid rising demand from animal husbandry companies.