Hot Commodities: Refined Soya Oil Gains 1%, Bargain Buying Picks Up

Bargain buying is supporting NCDEX Refined Soya oil after the recent declines in the commodity. NCDEX Refined Soya Oil futures for July are witnessing good buying around Rs 735 per 10 kg region. These are the lowest levels in nearly four months for the counter. The demand for ready oils is steady and a reversal in monsoon after an impressive wet patch at the start of the season has triggered some worries about the ongoing kharif harvest. Prices have dropped sharply in last few days on a sustained slide in global Crude Palm Oil futures, which have tested a two year low this week. However, there are signs that the selling in local Refined Soya Oil futures is overdone. The counter is currently trading at Rs 746.20 per 10 kg, up 1% on the day.