September 18, 2007

India's soy oil prices surge on physical demand

Refined soy oil futures across the National Commodity and Derivates Exchange Limited (NCDEX) and Multi Commodity Exchange of India (MCX) jumped in trading following the gains in international markets and on strong domestic demand. Upward trend in soy and strong edible oil complex were also supporting the prices.

On September 14, the Chicago Board of Trade October soyoil ended 35 points higher at 39.52 cents a pound, and December soyoil finished 35 points higher at 40.02.

NCDEX refined soy oil for October delivery opened trade at INR483.10 (US$11.91), varied in the range of INR489 (US$12.06) to INR482.75 (US$11.90) and was last quoted at INR487.90 (US$12.03), up by INR5.25 (0.12) or 1.09 percent at 12:14 IST (Indian Standard Time).

In MCX, October soy oil futures opened at INR485, moved in the range of INR489.6 to INR484.3 and last traded at INR488.45, up by INR4.25 or 0.88 percent.

US$1 = 40.53 Indian rupees (INR)

(As of September 18, 2007)