Mumbai The domestic edible oils and oilseeds futures are trading sharply up supported bystrong overnight gains in US soy complex. The firm trend in soybean on account of dull arrivals and steady demand is also supporting the gains in other counters.
The domestic soybean, soy oil markets are also trading positively, supported by gains in US markets, overnight. Strong gains are continuing in soybean on account of dull arrivals and firm tone in the global markets. The arrivals have been dipping, despite significant stocks left with farmers, as they are waiting for better prices.
March soy oil at National Commodity Derivatives Exchange [NCDEX] at 10.30 hours is trading higher at Rs. 456.80 [+ 2.95] per 10 kg with 4,570 tonnes traded. March contract at the National Board of Trade [NBOT] is up at Rs. 457.70 [+ 2.80] per 10 kg. The same contract at Multi Commodity Exchange of India [MCX] is trading higher at Rs. 456.90 [+ 2.70] per 10 kg with 126 tonnes traded.
The most active March soybean contract at NCDEX is trading higher at Rs. 2,385.00 [+ 5.50] per 100 kg with 11,270 tonnes traded.
BMD CPO futures up as droughts threaten key vegetable oil crops. April Crude Palm Oil [CPO] at the Bursa Malaysia Derivatives [BMD] closed higher on Tuesday at MYR 1,945.00 [+ 65.00] a tonne. [MYR=Malaysian Ringitt]
Crude oil traded marginally higher on Tuesday with March contract at New York Mercantile Exchange quoting at $ 39.85 [+ 0.27 ] a barrel.
MUSTARD SEED
Mustard seed futures are trading higher with market supported by current gains in domestic soy complex and overnight strong gains in US soy complex.
In NCDEX, Most active mustard seed February 2009 contract is trading higher at Rs. 494.00 [+ 5.50] per 20 kg with 9,820 tonnes traded. The regional markets are up with March 2009 contract at Hapur quoting at Rs. 438.20 [+ 2.90] per 20 kg.
CASTOR SEED
Castor seed futures is trading lower on absence of demand from both upper and lower level.
The most active castor seed February 2009 contract at NCDEX is trading lower at Rs. 447.10 [- 1.10] per 20 kg with 40 tonnes traded.