NCDEX Ref. Soya Oil under fresh selling; Support seen at 733

0
18

NCDEX Soyabean likely to move in a range of 3598-3694

MCX Mentha Oil under short covering; Support seen at 1242

MCX Aluminium under long liquidation; Support seen at 142.9

MCX Nickel under short covering; Support seen at 942.3

Article continues below Advertisement...

MCX Zinc under short covering; Resistance seen at 195.9

Technically Ref. Soya Oil market is under fresh selling as market has witnessed gain in by 1.15% to settled at 39710 while prices down 1.35 rupees.

Now Ref. Soya Oil is getting support at 733 and below same could see a test of 731 , and resistance is now likely to be seen at 737, a move above could see prices testing 739.

Ref. Soya Oil on NCDEX settled down by 0.18% at 733.65 on profit booking after prices gained tracking rise in soyabean prices on increased buying due to concerns related to monsoon.

“Subdued rainfall activity is likely to continue over Madhya Pradesh, Chhattisgarh, Gujarat, Rajasthan, Interior Maharashtra, Andhra Pradesh and Telangana during the next 3-4 days,” said IMD.

According to recent Ministry report, India has covered total oil seeds kharif sowing area as on 12thJuly 2019 about 75.68 lakh Ha. has been reported compared to normal corresponding week (92.50 lakh Ha.) from previous year.

As per WASDE latest report, Global Oilseed production is estimated at 586.0 million tons, down by 11.7 million tonnes which is mostly on lower soybean production for the United States. India’s oilmeal exports dropped 56% in from a year ago to 114,972 tonnes as shipments of soymeal and rapeseed plunged, a leading trade body said.

The south Asian country’s soymeal exports during the month plunged 83% to 18,185 tonnes, while rapeseed meal shipments fell 41% to 54,247 tonnes, the Solvent Extractors’ Association (SEA) said.

In the first three months of 2019/20 fiscal year started on 1, India’s oilmeal exports fell 24% to 571,325 tonnes, it said.   At the Indore spot market in Madhya Pradesh, soyoil was steady at 737.75 Rupees per 10 kgs.

Trading Ideas:
–Ref. Soya range for the day is 731-739.
–Ref. Soya Oil dropped on profit booking after prices gained tracking rise in soyabean prices on increased buying due to concerns related to monsoon.
–According to recent Ministry report, India has covered total oil seeds kharif sowing area as on 12thJuly 2019 about 75.68 lakh Ha.
–India’s oilmeal exports dropped 56% in June from a year ago to 114,972 tonnes as shipments of soymeal and rapeseed plunged
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 737.75 Rupees per 10 kgs.

Courtesy: Kedia Commodities

Source: Commodityonline.com