Informist, Tuesday, Feb 8, 2022
By Uddipta Banerjee
NEW DELHI – Futures contracts of the edible oils basket were mixed today on the National Commodity and Derivatives Exchange and the Multi Commodity Exchange of India.
* SOYBEAN contracts ended higher because of concerns over output of Brazil, which is the world’s largest producer, due to drought like conditions in the country.
* The most active February soybean contract hit a two-month high of 6,625 rupees per 100 kg earlier in the day.
* REFINED SOYOIL contracts were lower due to profit booking by investors. The February contract had hit a four-month high of 1,298.9 rupees per 100 kg on Monday.
* But the overall sentiment for soyoil remains bullish due to concerns over production of soybean, which is crushed to make soyoil.
* Prices of MUSTARD on NCDEX and CRUDE PALM OIL on MCX were unavailable as there was no trade today.
* Prices of mustard fell marginally across key spot markets. Arrivals across the country were estimated at 125,000 bags (1 bag = 84 kg), unchanged from Monday, traders said.
* Price of crude palm oil is expected to surge in the near future as supply in the global market is expected to be affected by restrictions on exports by Indonesia. Indonesia, the largest producer of crude palm oil, has made it mandatory for all cooking oil producers to sell 20% of their planned exports in the domestic market.
At 1715 IST:
–February contract of soybean ended 0.2% higher at 6,615 rupees per 100 kg on NCDEX
–February contract of refined soyoil was 0.1% lower at 1,297.9 rupees per 10 kg on NCDEX
End
Edited by Ashish Shirke
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Source: Cogencis