Â
May 11, 2010
Â
Indian soyoil futures positive on speculative-led buying
Â
India's refined soyoil futures traded positively on Saturday (May 8), adding on to its gain from speculative-led buying just previously.
Â
The stable trend in overnight's CBOT soyoil market also supported the Indian market. Traders bought futures, in anticipation of a revival in demand for edible oil.
Â
The active June contract soyoil futures made an intraday high of INR454.95/10kg (US$10.08) from a low of INR449.50/10kg (US$9.96) and settled at INR454.45/10kg (US$10.07), gaining by 1.2%.
Â
The open interest in June contract increased by 6.8% to 101,490 tonnes from 95,030 tonnes, and volume surged by 32% to 37,740 tonnes from 28,680 tonnes. The rise in volume, open interest and price is suggesting further gains in the prices.
