The refined soy oil futures traded in a very thin range on Saturday with upward bias.
Short covering on Friday s fall has resulted into positive trend in soy oil market on Saturday.
However, rise was limited by weakness in overseas market. Spot markets witnessed subdued trade on poor buying interest.
Outlook
The refined soy oil futures are expected to open higher on extended short covering and taking cues from firm overseas market.
eCBOT soy oil and BMD palm oil futures are trading higher on short covering. BMD palm oil futures may turn negative later as export data came negative for the market.
According to Intertek Agri Services, palm oil export during December 1st to 20th period fell 26% M/M to 776,910 tons.
On domestic front, lack of active buying interest at current levels is likely to limit the gains.
Spot markets are likely to witness subdued trading on poor trade participation from end-users ahead of holiday.
