Ref Soyaoil On NCDEX Settled Up By 0.69% At 718.8

Ref Soyaoil on NCDEX settled up by 0.69% at 718.8 tracking firmness in spot demand despite of expectation of higher supply in mandis. Moreover soy oil is also gaining market share due to demand shift from palm oil as it solidifies in cold weather. Demand for refined soy oil is mostly as per requirement, but prices and market is gaining momentum on price factor. Demand is likely to pick up in coming weeks for re-stocking ahead of festive season starting from "Makar Sankranti" in January and for "Holi" in March. The big support for prices were coming from falling stocks at various ports of the country which totalled 130,00 tons as on Dec 26 against 145,000 tons.

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