Published on 17th March, 2010 10:55:00NCDEX Refined soy oil futures have extended their yesterday's gains today, eying a recovery in the global edible oils prices and demand in the local spot markets. The commodity has been on a losing spree in the last few days, hitting a low of Rs 454.10 per 10 kg for the NCDEX April contract on March 15.
The counter rebounded smartly yesterday and closed at Rs 456.80 per 10 kg as some fresh buying perked up at these levels. The counter continued to recover further today, extending gains from a six week low as the commodity market participants eyed a pick up in the spot market demand as well.
The near month March futures are about to expire on 19th of March and there is strong rollover taking place. The commodity is expected to trade in a volatile manner owing to the expiry and fresh gains could be witnessed if the Rs 460 threshold continues to hold ground. The counter was quoting at Rs 460.55 per 10 kg when last seen and the day's highs of Rs 461.20 could be overcome if 460 sustains. The global leads are positive with crude oil holding around $82 per barrel and Malaysian CPO futures trading up MUR 23 or nearly 1% for the benchmark contract on the Bursa Malaysia Derivatives Exchange.
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