There was not much activity at the wholesale oils and oilseeds market in last week in the national capital as prices by and large moved in a narrow range in limited deals and pegged at last levels.
Adequate stocks position against scattered demand kept edible and non-edible oil prices flat.
In the Indian market, NCDEX soy oil futures posted 1.5% gains in last day of the week after previous two sessions declined over rising Indian currency while spot market prices were mostly flat good over demand from end consumers has curtailed the impact on spot soy oil prices to some extent.
Strong rupee and significant correction have dragged down CPO & Soy oil prices during yesterday trading session and the trend may continue in coming days as expecting rupee may continue to strengthen.
As per Solvent extraction association of India, Indian soy oil imports were at 264K MT in the month of October, which is down by 22.6% from previous month. The slower pace of soybean supply and lower import tariffs is likely to have increased November soy oil imports by India. Overall, rising spread between Soy oil and CPO, which is ruling as high as 225 points at present will also shift some demand from soy oil to CPO.