Refined Soya Oil Recovers From One Month Low On NCDEX

NCDEX Refined Soya Oil edged up today after testing one month low as bargain buying swung into the counter following the recent losses. Demand for ready oils is holding steady and not much of stocks are available right now. As per the latest release from Solvent Extractors Association of India, the import of vegetable oils during February 2018 is reported at 1,157,044 tonnes compared to 1,270,443 tonnes in February 2017, consisting 1,124,999 tonnes of edible oils and 32,045 tons of non-edible oils i.e. down by 9%. The overall import of vegetable oils during November 2017 to February 2018 is reported at 4,785,778 tonnes compared to 4,684,451 tonnes, up by 2%. The recent moderation in the prices indicate a lack of buying at near five year highs for the spot Refined Soya Oil. The NCDEX Refined Soya Oil futures are currently trading at Rs 778 per 10 kg, up 0.24% on the day. The NCDEX May futures are trading with a basis of nearly Rs 10 to the near month futures, reflecting the positive undertone in the commodity. The near month futures had tested a high above Rs 800 per 10 kg levels at the start of the month before witnessing a correction.