Soyoil futures end up on global cues

Refined soyoil futures on the National Commodity and Derivatives Exchange ended up today tracking firmness in global edible prices, analysts said.

Soybean ended up on speculative buying, while mustard futures closed high reflecting the firmness in the soy complex.

Refined soyoil contracts ended up tracking Malaysian crude palm oil futures, where fresh buying support was seen.

On Bursa Malaysia, the benchmark January contract closed at 2,934 ringgits (Rs 34,445) a tonne, up 10 ringgits from the previous close.

Buying in domestic market took note of Agriculture Minister Sharad Pawar's announcement on Tuesday that there would not be any import duty cut on edible oil.

The most-active NCDEX December contract ended at Rs 531 per 10 kg, up Rs 4. The spot prices in Indore ended at Rs 523.2, up Rs 2.4.

Support for the December contract is seen at Rs 528, while resistance is pegged at Rs 534 for Thursday.

Soybean futures ended up on speculative buying tracking improved sentiments on the 24-hour electronic trading on Chicago Board of Trade, where futures contracts traded high on Chinese demand.

Around 350,000 bags (1 bag=90 kg) soybean arrived in spot markets of Madhya Pradesh today, 200,000 bags in Maharashtra and 170,000 bags in Rajasthan.