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Refined Soya oil futures are likely to slump further on the back of weak global cues. The NCDEX RSO most active January contract ended the last day at Rs 711.80, down Rs 2.50 or 0.35% from last close.
The CBOT January Soybeans finished the last session down 19 at 1472 ¼ cents per bushel and January Soybean Oil finished down 0.07 at 51.13 cents per pound.
Refined Soya Oil drifted lower from the recent high of Rs 725.50 per 10 kg on short selling. Technically, the counter is likely to find resistance at Rs 714 and Rs 720 while supports are at Rs 709 and Rs 699 per 10 kg.
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India Infoline News Service / 11:17, Apr 24, 2015
The ice-cream market in India is estimated at Rs 3,500 crore and Gujarat is the largest market.