COMMODITIES BUZZ

Soy oil: Range-boundBargain buying supported the futures prices. Malaysian crudepalm oil contracts dropped sharply on profit booking andovernight losses in Chicago Board of Trade soy oil futures.The benchmark July contract closed at 2,160 ringgits a tonne,down 43 ringgits from Tuesday. Fears of a supply glut in thedomestic markets because of a rise in imports also weighedon the prices. The market is likely to trade in a range. TheMay soy oil contract on the NCDEX is likely to move in therange of Rs480-485. In Indore spot market, soy oil priceswere quoted at Rs457-462 per 10kg.Soy bean: Late recoveryThe demand for soy bean has remained sluggish in the spotmarket. At the same time, stockists are holding on to theirstock on hopes of better prices in the coming weeks. Millshave enough stock with them to last for another 15 days. Atthe current rates, the mills are not ready to purchase soybean, as they find the prices too high. Arrivals of around30,000-35,000 bags (1 bag = 90kg) were witnessed in MadhyaPradesh yesterday, up from Tuesday’s 20,000-25,000 bags.