Indian soya oil up

Indian soya oil futures were marginally up on Monday in sluggish trade because of comfortable edible oil stocks while gold tracked international trends and sugar eased on good supplies. May soyaoil at the Multi Commodity Exchange (MCX) was quoted at 388.90 rupees per 10 kg, up 1.50 rupees while June at the National Commodity and Derivatives Exchange (NCDEX) was up 1.40 rupees to 392.60 rupees. "There is no current in the market either way," said a leading soyaoil trader in the central Indian City of Indoor, the hub of the soyabean trade.
"No one is building stocks because of lack of demand." Traders said the state-run National Agriculture Marketing Federation mixed prices because of high procurement of rapeseed from farmers.
"There are apprehensions that there will be excess oils when NAFED starts crushing rapeseed," said one trader. According to industry officials, NAFED has so far procured 1.2 million tonnes of rapeseed this marketing season.
Traders said sugar futures were easing with ample imported raw sugar augmenting domestic supplies. Sugar eased with June at the NCDEX falling 6 rupees to 1,818 rupees per 100 kg.
July dropped 8 rupees to 1,837 rupees. "Physical deliveries of raw sugar and refined white sugar have brought down the prices," said one trader.
"I see ample stocks dragging prices." Bullion futures tracked world trends, with MCX's June gold falling 2 rupees to 6,247 rupees per 10 grams.
May silver was down 11 rupees at 10,781 rupees a kg. "Gold is purely tracking the international market. High prices are preventing good buying," said a gold dealer based in the southern Indian City of Madras.
He said firm prices were preventing purchases for the wedding season. "Prices are ruling around $435 an ounce, buyers are waiting for it come to $420 levels," said one dealer.
Gold sat tight in Asia on Monday as high crude oil prices helped the yellow metal to offset a firmer dollar, which normally reduces gold's safe haven appeal.
Buying interest was limited and pushed gold to a high of $434.50 an ounce in Asia, not far from a one-month high of $435.75 an ounce hit on Friday when the dollar had weakened on worries about inflation and slowing US economic growth.