Commodities Buzz: Soybean Oil Scales Up To Four Month High On Chinese Demand Hopes

14 Nov 2022 , 02:11 PM

The global Soybean oil futures saw good gains in the last session as market eyed improving demand from China. The commodity has been well supported recently amid weakness in the US dollar index and soaring equities globally. Chinese authorities on Friday shortened quarantine times for residents and inbound travelers, and scrapped a penalty on airlines that bring in infected passengers. This pushed up the US Soyaoil futures to a four month high of 78.64 cents per pound. Prices have been witnessing an impressive upmove after breaking above 60 cents mark in first week of October 2022. The counter currently quotes at 76.74 cents per pound, down marginally on the day.Powered by Commodity Insights