Refined soy oil trading range for the day is 731.22-747.82. Market is looking to take support at 736.4, a break below could see a test of 731.2 and resistance is now likely to be seen at 744.7, a move above could see prices testing 747.8. At the Indore spot market soyoil edged down by -7.15 rupee to 730.7 rupees 10 kgs. In yesterday's trading session Refined soy oil has touched the low of 734.3 after opening at 739, and finally settled at 741.6.
According to Angel Commodities, in the intra-day oil seed complex may decline further on technical correction amidst higher global soybean output forecast for 2012-13. However, for the medium- to long-term, oilseed complex are expected to trade firm due to higher export figures of domestic soy meal coupled with tight supplies of oilseeds in the domestic and global markets.
The country imported 925,334 tonnes of vegetable oils in April, up 27 percent from 727,706 tonnes in March. India imported 925,334 tonnes of vegetable oils in April, up 27 percent from 727,706 tonnes in March as imports of soy oil and sunflower oil surged, a leading trade body said on Friday.
NCDEX June soy oil futures are also moving similar like CBOT futures. Expecting prices to trade toward lower side in the coming session, lower side possible targets seems to be around 722/720 Resistances are seen at 742/752. Overall expecting prices to trade toward downside in the coming session and recommended to sell from higher levels report by Karvy Commtrade.
With inputs from Kedia Commodities, Karvy Commtrade and Angel Commodities
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NCDEX Ref Soyoil To Trade LowerTracking CBOT Trends
Published 05/14/2012, 03:29 AM
Updated 05/14/2017, 06:45 AM
NCDEX Ref Soyoil To Trade LowerTracking CBOT Trends
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