Mumbai: Soyabean futures on NCDEX bounced back to top the list of gainers on Tuesday posting a gain of 1.83 per cent to Rs 1,670 per quintal. “After yesterday’s fall, there was good buying at the lower levels. The strong international markets also inspired today’s recovery in prices,” said an analyst.
Despite weak spot markets, kapas and cocud prices moved up 1.38 per cent and 1.31 per cent to Rs 448 per 50 kg and 341 per 50 kg, respectively on short covering.
Barley for November delivery rose 1.04 per cent Rs 1,241 per quintal on account of buying support in the Jaipur markets.
Kapas khali futures on MCX recovered 1.94 per cent to Rs 315 per 50 kg on fresh buying at lower levels. MCX Comdex-the composite index of metals, energy and agri sub-indices-advanced by 0.25 per cent at 2408.29 points and MCX Metal Index by 0.81 per cent at 2651.33 points but MCX Energy Index fell by 0.43 per cent at 2797.71 points. MCX Agri- Index gained 0.76 per cent at 1625.04 points.
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I think the rising international demand is sheer investment move by few hedge funds, pension funds etc. They are investing into crude oil which is making edible oil costlier since at $95-$100, the blending of bio-fuel becomes viable proposal. If crude falls to below $60-$65, the edible oil will fall with double speed all over world
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