Refined soya oil prices had dipped 0.04 percent to Rs 758.5 per 10 kg in futures trade on Wednesday while refined soya oil contracts for October delivery declined by 3 paise, or 0.04 percent, to Rs 758.5 per 10 kg with an open interest of 11,520 lots on the National Commodity and Derivatives Exchange.
As per Market analysts, cutting down of positions by participants against ample stocks mainly influenced prices.
Soybean Price Increased
As per the report, soybean prices increased by Rs 46 to Rs 3,891 per quintal on Wednesday in the futures trade as speculators raised their positions supported by a strong spot demand.
On the National Commodity and Derivatives Exchange, soybean contracts for October delivery traded higher by Rs 46, or 1.2 percent, to Rs 3,891 per quintal in an open interest of 46,690 lots.
Decline In Guar Gum
On the other hand, guar gum prices declined by Rs 119 to Rs 7,668 per five quintals in futures trade on Wednesday as operators cut down their positions amid weak export demand at the spot market.
On the National Commodity and Derivatives Exchange, guar gum delivery for October slipped by Rs 119, or 1.53 percent, to Rs 7,668 per five quintals, with an open interest of 48,125 lots.
A rise in Price of Mustard Seed
Mustard seed prices rise by Rs 9 to Rs 3,984 per quintal in futures trade on Wednesday following rising of bets by participants amid tight supplies.
Marketmen said apart from restricted arrivals from growing belts, strong demand from oil mills in spot market mainly lifted mustard seed prices in futures trade.
At the National Commodity and Derivative Exchange, mustard seed delivery for October rose by Rs 9, or 0.23 percent, to Rs 3,984 per quintal.
The decline in Coriander Price
Moreover, coriander prices decreased 3.99 percent to Rs 5,890 per quintal in futures trade on Wednesday as participants cut down positions amid muted domestic and export demand.
Cottonseed Oil
Cottonseed oil cake traded up by Rs 11.5 at Rs 2,082 per quintal in futures trade on Wednesday due to accumulation of positions amid upbeat trend at the spot market.
