Soyoil falls to 2-week low on selling
Tuesday, 6 July 2010
The refined soy oil futures fell to two week low on Saturday on selling pressure and bearish fundamental factors, reports Commodity Online.
Higher inventory of edible oil and uncrushed oilseeds also had a bearish impact on the market. Soy oil market moved in sync with soybean market.
Traders sold futures anticipating soy oil import would be higher this year.
The refined soy oil futures are expected to open higher on short covering from recent fall.The demand for edible oil is poor and stocks are very high at the ports. Soy oil imports in the month of June are likely to be higher as the international prices are ruling at lower level and import duty on crude edible oil is zero.
Higher inventory of edible oil and uncrushed oilseeds also had a bearish impact on the market. Soy oil market moved in sync with soybean market.
Traders sold futures anticipating soy oil import would be higher this year.
The refined soy oil futures are expected to open higher on short covering from recent fall.The demand for edible oil is poor and stocks are very high at the ports. Soy oil imports in the month of June are likely to be higher as the international prices are ruling at lower level and import duty on crude edible oil is zero.