Indian soya futures displayed a mixed trading pattern on Monday in the absence of any major trigger, while rapeseed futures reflected the weak sentiment of the spot market due to the harvest season. Soyabean futures opened lower, but recovered losses with the return of buying interest as rising overseas sales of soyameal lifted demand for the beans from oil millers.
Rapeseed futures fell as the harvest season for the oilseed crop is currently on. "Oilseed complex displayed volatility as the market lacked any definite direction," said Prasoon Mathur, a senior analyst with Delhi-based brokerage Religare Commodities. Weakness in the overseas markets also held back buyers from turning aggressive, he added. At 0930 GMT, the benchmark Malaysian palm oil contract was down 1.0 percent at 2,469 ringgit ($790)per tonne, while US soyabeans were down 0.5 percent at $14.33 per bushel.
India, the world's top importer of vegetable oils, meets more than half of its edible oil demand through imports, largely palm oil. "Profit booking is due in the soya complex as a lot of buying took place recently on improved export prospects for soyameal," said a dealer based in Indore, in the central state of Madhya Pradesh.
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