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Edible oil futures prices go up
Commodity Online | June 02, 2007 14:19 IST
Refined soya oil futures June contract closed up by one per cent at Rs 486.5 per 10 kg on NCDEX on Thursday against the previous close of Rs 481.5.
Soyabean futures at NCDEX closed up one per cent at Rs 1,531 per quintal against the previous close at Rs 1,516. Even rape mustard seed futures at the exchange closed up by one per cent at Rs 418.65 per 20 kg against the previous close at Rs 414.5.
Crude palm oil futures at the Malaysia futures exchange closed up 3.2 per cent at 2,581 ringgit a tonne. Malaysian palm oil tracks US soya oil movements.
The price movement in palm oil is because of a firm close of soya oil futures at the Chicago Board of Trade. The July soya oil futures closed 0.38% per lb higher at 35.56 cents.
In the physical market, the prices have moved up by Re 1 per kg, including taxes, in one day.
Analysts said soya oil prices would remain firm and will touch Rs 500 levels by next week.
Kotak Commodity Services analyst Amol Tilak said international markets is firm in anticipation of a strong edible oil demand from India, China, Pakistan.