Indian soyaoil futures fell on Monday due to bearish global trade and an increase in supplies in domestic markets. Sugar was down despite an assurance by an industry body it would offer incentives to boost exports, June soyaoil futures on the National Commodity and Derivatives Exchange (NCDEX) were down 2.90 rupees at 471.40 rupees per 10 kg.
While July futures had fallen 2.45 rupees to 470.65. Palm oil futures in Malaysia, the world's top producer, slipped on Monday as new export data of palm oil products failed to impress the industry. The analyst said supplies of soyaoil in domestic markets traditionally peaks between December and May.
Prices of soya and palm oils move in tandem as both commodities are used in products ranging from food and cosmetics to bodiless. Sugar fell as fears of a glut weighed down likely gains from a scheme to boost exports through further incentives. June sugar futures on NCDEX were down 5 rupees at 1,280 rupees per 100 kg, while July futures fell 3 rupees to 1,306 rupees.
Indian Sugar Exam Corp, formed by private sugar mills, on Friday said it would help firms facing oversupply. The government last month said sugar mills in coastal areas would get a subsidy of 1,350 rupees ($33.23) a tonne, while those in the north of the country would receive 1,450 rupees per tonne to help prop up exports.
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