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Sunday, July 3, 2022

NCDEX Ref. Soya Oil under fresh buying; Resistance seen at 720

NCDEX Turmeric under fresh buying; Resistance seen at 6754

NCDEX Mustard Seed under fresh selling; Support Seen at 3980

MCX Crude Oil likely to trade in a range between 3524-3892

MCX Crude Palm Oil likely to move in a range of 479.5-496.3

NCDEX Soyabean under fresh selling; Support seen at 3348

Technically Ref. Soya Oil market is under fresh buying as market has witnessed gain in open interest by 3.04% to settled at 32890 while prices up 8.55 rupees.

Now NCDEX Ref. Soya Oil is getting support at 720 and below same could see a test of 715 level, And resistance is now likely to be seen at 728, a move above could see prices testing 731.

Ref. Soya Oil on NCDEX settled up by 1.19% at 725.65 tracking firmness in spot demand after prices seen pressure on expectations of higher domestic availability of soyoil on the back of bumper output of soybean.

India’s 2018-19 soybean production is projected at 13.46 million tons, up 22.5% over previous year, agriculture ministry data showed.

India’s October soyoil imports were down at 264,089 tons from 341,402 tons a month ago but traders are expecting higher imports in coming months.

According to United States Department of Agriculture (USDA) November estimate, U.S 2018/19 ending stocks of soy oil is fell 9.5 percent to 1,915 million lbs from 2,116 million lbs in earlier estimate. Opening stocks are lowered to 1,990 million lbs from 2,206 million lbs.

Production of soy oil in 2018/19 is lowered to 26,315 million lbs from 26,416 million lbs in its earlier estimate. Imports in 2018/19 are kept unchanged at 300 million lbs.

Government plans to procure 44 lakh tonnes of oilseeds and pulses from farmers at MSPs in the ongoing kharif marketing season that started Oct 1.

Improving physical demand and increase in steep hike in tariff value by $40 to $741 per tn for the second half of October by government is supporting prices.

Moreover, there is consistent increase in demand from stockists due to coming festivals. s At the Indore spot market in Madhya Pradesh, soyoil was steady at 730.25 Rupees per 10 kgs.

Trading Ideas:
–Ref. Soya Oil trading range for the day is 715-731.
–Ref. Soya Oil ended with gains tracking firmness in spot demand after prices seen pressure on expectations of higher domestic availability of soyoil.
–India’s 2018-19 soybean production is projected at 13.46 million tons, up 22.5% over previous year, agriculture ministry data showed.
–India’s October soyoil imports were down at 264,089 tons from 341,402 tons a month ago but traders are expecting higher imports in coming months.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 730.25 Rupees per 10 kgs.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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