June 24, 2010
NCDEX refined soyoil futures hit two-week highs
NCDEX refined soyoil futures are back to losing ways as traders are expecting continued steady progress in the Kharif sowing and uncertain global sentiments are keeping local buying activity in check.
The NCDEX August soyoil futures have been supported at the lower end as the INR440 (US$9.47) levels, which augured as critical psychological threshold around two weeks back. The counter rose impressively in the last session, hitting highs of INR448 (US$9.65), its strongest level in the last two weeks.
The CPO futures are holding up slightly today (June 24) but prices have failed to show much of a rise. The benchmark Malaysian CPO futures are quoting at MYR2390 (US$737.65) per tonne, up MYR6 (US$1.85) from the previous close. The exports are flowing out at an impressive pace and prices have failed to pick up in the last couple of months after a rocking performance in the first quarter of the year.
The benchmark NCDEX soyoil futures are quoting at INR446.90 (US$9.62) per 10 kg, down INR0.7 (US$0.02) or 0.16% on the day as profit booking emerged after yesterday's sharp reversal. Traders are reluctant to see prices test highs near INR450 (US$9.69), as made evident by the current sell off and we may see the prices extend their lean patch for the remainder of the week.
