Fundamental Analysis
Refined Soybean Oil (November contract) futures closed lower on account of huge stock of imported edible oils and lower demand at retail ends.
Import of vegetable Oils during the month of September 2009 has set a new record at 8.65 lakh tonnes, up by 39% as compared to 6.23 lakh tonnes for September 2008.
Overall import of vegetable oil during the November 2008 to September2009 was 75.70 lakh tonnes, up by 57% from 48.22 lakh tonnes for the same period of last year.
The benchmark November contract on NBOT Exchange (Indore), Ref Soy oil futures closed lower Rs 5.60 at Rs 438.40/10 Kg on Tuesday, from its high of the day (444.60) and touched a low of MYR 437.20/10 kg.
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