NCDEX Ref.Soya Oil likely to trade in range between 729-745

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Technically Ref.Soya Oil is getting support at 734 and below same could see a test of 729 level, And resistance is now likely to be seen at 742, a move above could see prices testing 745.

Ref.Soya Oil on NCDEX settled up by 0.8% at 739.75 amid good demand in amid anticipation of lower imports. Stockists were active in and making inventories as they are expecting prices to go up.

As per monthly SEA import report, ’s edible oil imports fell 12.4% on year to 10.73 lakh tn in November. Imports of edible oil are lower on the month by 8.6%. In Nov, ’s crude soy oil imports fell 25.6% on year to 2.04 lakh tonnes (lt).

USDA in its latest monthly update forecast India soyoil production at 16.92 lakh tonnes, up 2.2% on month and 22.1% on year. Soyoil imports are unchanged for month at 34 lakh tonnes, but up 14% higher on year. Consumption pegged at 49.5 lakh tonnes, up 7% compared to last year.

In a fortnightly notification, Government not changed the tariff value of crude soy oil ($707 per tn) for the second half of December. India’s vegoil imports in November fell 10 percent to 1.1 million tonnes from a year ago, a trade body said.

The country’s imports of palm oil in November stood at 691,827 tonnes, while soyoil imports were 203,734 tonnes, the Solvent Extractors’ Association of India said in a statement. India’s oilmeal exports in November edged down 16 percent from a year earlier to 311,739 tonnes as shipments of soymeal fell from the last year’s lower base.  At the Indore spot market in Madhya Pradesh, soyoil was steady at 752 Rupees per 10 kgs.

Trading Ideas:
–Ref.Soya range for the day is 729-745.
–Ref.Soya Oil gained amid good demand in physical market amid anticipation of lower imports.
–Availability of soyoil was higher from domestic sources because of increased crushing by processors during October and November.
–India’s edible oil imports fell 12.4% on year to 10.73 lakh tn in November. Imports of edible oil are lower on the month by 8.6%.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 752 Rupees per 10 kgs.

Courtesy: Kedia Commodities

Source: Commodityonline.com