Soybean, refined soy oil futures decline on sluggish demand

Soybean prices declined more than 3 per cent on Monday as traders trimmed their positions amid weak demand in the spot market.

NCDEX soybean futures for May declined by Rs 239 or 3.29 per cent to Rs 7,032 per 100 kilogram in 81,285 lots.

Sources said the reduction in the size of orders by traders was behind the sharp fall in the futures market.

The June contract declined by Rs 280 or 3.94 per cent to Rs 6,849 per quintal in 37,410 lots.

Refined soy oil
NCDEX refined soy oil futures (May) came down by Rs 8.5 or 0.52 per cent to Rs 1,386.5 per 10 kilogram in 33,830 lots as speculators turned to smaller deals amid weak demand in the spot market.

Analysts said that traders’ lower orders in comparison to adequate stocks affected the price in the futures market.

The June contract declined by Rs 9 or 0.66 per cent to Rs 1,350.9 per 10 kilograms.

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