Oil prices up in Asia as dollar weakens
The NCDEX October soybean prices retreated from their previous close to end at INR 3,267 per 100 kg. The soybean spot trade remained subdued as traders expect prices to correct further with the new crop arrivals in the looming.
The RM seed futures, however, posted gains on account of depleting stocks and Rising demand for edible oil. The September contract rose 0.42% to close at INR 4,235 per 100 kg.
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The domestic demand for edible oils is likely to increase in the days to come and the import of palm oil is likely to surge. The CPO futures at MCX depicted a strong uptrend with rising Malaysian export orders and a weaker currency. However, rising production and competition from soy oil may cap the gains.