March 6, 2008

India soy oil prices weaken after recent sharp rallies

India's soy oil prices were down in the morning session trade, taking weak cues from the global markets after sharp rallies.

Physical demand in India has slumped as prices reached record highs.

The most active National Commodities And Derivatives Exchange (NCDEX) refined soy oil for April delivery opened at INR709, after hovering in the range of INR709 ¨C INR697, it was trading at INR707.95 per 10 kilogramme, down by INR4.15 or 0.58 percent at 10:45 am IST.
Multi Commodity exchange (MCX) refined soy oil April contract dropped by INR3.80 or 0.53 percent to INR708.40.

Overnight in CBOT, May soyoil finished 2 cents lower at 68.82 cents per pound.

On Bursa Malaysia Derivatives Exchange, May crude palm oil futures slipped by MYR145 (US$45.73) to MYR3954 (US$1246) per tonne.

September soy oil futures on the Dalian Commodity Exchange pared RMB560 (US$78.77) to RMB13484 (US$1,896) per tonne; while palm oil for May delivery dropped RMB502 (US$70.61) to RMB12,094 (US$1,701) per tonne.

INR1 = US$0.025 as of March 6, 2008