July 9, 2010
NCDEX refined soyoil futures fail to sustain gains
NCDEX refined soyoil futures registered excellent gains in the last session in line with the global cues but failed to do so in the current session as markets awaited the latest kharif sowing figures.
The commodity has been in an upbeat mood, hitting a high of INR450 (US$9.6) on July 8 - its one week high as the CPO futures in Malaysia extended their losses from eight month lows.
The CPO futures continued to gain today(Jul 9), hitting above MYR2300 (US$49.1) per tonne for the benchmark September futures as a stellar comeback in crude oil boosted the sentiments. The commodity was last seen quoting at MYR2317 (US$49.4), up MYR28 (US$0.6) per tonne from the previous close.
However, the benchmark NCDEX August futures failed to hang on above INR450 (US$9.6), sliding under the key threshold to trade at INR449.30 (US$9.6) per 10 kg, down INR0.25 (US$0.005) or 0.06% on the day. Prices may extend losses in case INR450 levels are not overcome.
