In the futures trade, refined soya oil fell by Rs 11.9 to Rs 1,140.8 per 10 kg in futures trade on Friday as speculators reduced the size of their deals amid weak demand in the spot market. At the National Commodity and Derivatives Exchange, the futures contract for refined soya oil for delivery in January fell by Rs 11.5, or one per cent, to Rs 1,140.8 per 10 kg. The contract entered into deals for 12,780 lots.
The futures contract for delivery of refined soya oil in February fell by Rs 13.5, or 1.19 per cent, to Rs 1,118 per 10 kg. The contract entered into deals for 34,570 lots. Market analysts said that the reduction in refined soya oil prices in futures trade mainly led to a fall in the futures trade here by traders cutting their trades against adequate stocks.
Soybean futures rise
Traders bought fresh deals due to strong spot demand, leading to a rise of Rs 27 to Rs 4,690 per quintal in futures trade on Friday. Soybean futures contract for delivery in January rose by Rs 27, or 0.58 per cent to Rs 4,690 per quintal on the National Commodity and Derivatives Exchange. The contract entered into 16,670 lots. Similarly, the contract for delivery of soybean in February rose by Rs 11, ie 0.24 per cent to Rs 4,670 per quintal. The contract entered into deals for 2,06,255 lots. Market sources said that fresh buying by speculators after rising demand, led to rise in soybean prices in futures trade.
Poor demand for cotton futures falls due to weak demand
In view of the weak trend in the spot market, traders reduced the size of their deals on Friday, causing the price of refined soya oil in futures to fall by Rs 39 per quintal to Rs 2,007 per quintal. Market analysts said that selling of traders at the current level due to weakness in the market led to the fall in the cotton futures prices. At NCDEX, the delivery contract for Binolatel Khali in January declined by Rs 39, or 1.91 per cent, to Rs 2,007 per quintal with a turnover of 7,640 lots. The contract for delivery in the month of Binoulatel Khali fell by Rs 34 or 1.64 per cent to Rs 2,035 per quintal with a turnover of 93,610 lots.
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