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Monday, August 15, 2022

NCDEX Ref Soy Oil may trade between 744-750 levels

Crude Oil market under fresh buying; Support seen at 4938

Silver market under fresh selling; Support seen at 37100

MCX Gold may trade in range between 30460-30866 levels

MCX Crude Palm Oil under Fresh selling; Support seen at 604.4

NCDEX Soyabean under fresh buying; Resistance seen at 3283

Technically NCDEX Ref.Soya Oil is getting support at 746 and below same could see a test of 744 level, And resistance is now likely to be seen at 749, a move above could see prices testing 750.

Ref.Soya Oil on NCDEX settled down by 0.2% at 746.05 on profit booking after prices seen supported due to good demand in spot for the coming season amid reports of lower imports during August.

Prices also seen supported on pause in selling in the wake of record fall in rupee and demand hope in spot for the festival season.Market participants are also expecting good demand in spot for the coming season amid reports of lower imports during August.

The Government of India cut the tariff rate or the base import prices for all edible oils in line with trend in global markets. The lower tariff rate means lower import duty on edible oils. The base import price of crude soybean oil cut to $717 per ton from $723 per ton earlier.

With this the import duty on crude soybean oil is Rs 19,116 per ton as against Rs 19,276 per ton earlier. According to Solvent Extractors Association (SEA), India’s July edible oil stocks at ports and pipelines fell 1.70 percent m-o-m to 24.75 lakh tons from 25.18 lakh tons in May 2018.

Stocks of edible oil at ports fell to 928,000 tons (CPO 250,000 tons, RBD Palmolein 160,000 tons, Degummed Soybean Oil 320,000 tons, Crude Sunflower Oil 190,000 tons and 8,000 tons of Rapeseed (Canola) Oil and about 1,547,000 tons in pipelines.

(Stocks at ports were 948,000 tons in June 2018). India is presently holding 39 days of edible oil requirement at 24.75 lakh tons compared to 40 days of requirements last month at 25.18 lakh tons.At the Indore spot market in Madhya Pradesh, soyoil was steady at 745.95 Rupees per 10 kgs.

Trading Ideas:
–Ref.Soya Oil trading range for the day is 744-750.
–Ref.Soya Oil dropped on profit booking after prices seen supported due to good demand in spot for the coming season.
–The Government of India cut the tariff rate or the base import prices for all edible oils in line with trend in global market.
–India’s July edible oil stocks at ports and pipelines fell 1.70 percent m-o-m to 24.75 lakh tons from 25.18 lakh tons in May 2018.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 745.95 Rupees per 10 kgs.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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