MCX NCDEX Calls : Refined Soya oil under short covering

Agri Commodity product The NCDEX Refined Soya Oil is under short covering Wednesday on weak U.S soya Oil futures. The market has witnessed drop in open interest by 2.9 percent settled at 30,130 while prices up 1.35 rupees.

NCDEX Refined Soya settled up by 0.18 percent at 733.4 tracking stability in spot demand amid expectation of higher demand from China. Hope of increasing demand from domestic consumer begins after middle January also kept prices up.

The govt has cut the base import price (BIP) of all edible oils. For soya soil the BIP were cut by USD 19 per ton to USD 813 for the first two weeks of January 2018. The govt revises BIPs every fourteen days based on global prices and changes in FX rate.