Refined soya oil falls due to slow demand

Posted By: Religare
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Refined soya oil falls due to slow demand
On June 2, 2011, the prices of refined soya oil for the June contract declined by Rs 3.50, or 0.53% to Rs 651.90 per 10 kg, with a business turnover of 10 lots at the Multi Commodity Exchange (MCX) since the traders offloaded their holdings tracking the decline in the demand in the spot market against the sufficient stocks holdimgs.

Moreover, the slow demand in the spot market also influenced the prices.

Soy oil is the oil extracted from soybeans. Crude soybean oil undergoes further refinement- degumming, refining, bleaching, and deodorizing and forms refined soy oil.

Soy oil prices in India are largely influenced by the international edible oil price movements (especially palm oil at BMD and soy oil at CBOT) and spot markets of Indore and Mumbai serve as the 'reference' market for Soy oil prices.

Refined soy oil is one of the major consuming edible oil in India with market share of 15 -18% after palm oil (46%). Oilseeds contributed 7% of GDP and around 14 million farmers involved in oilseed cultivation. India is the world's fifth largest edible oil economy after USA, China, Brazil and Argentina and largest importer of palm oil in the world.

Read more about: mcx, soya oil, bse, nse, commodities
Story first published: Friday, June 3, 2011, 13:30 [IST]
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