18 C
New York
Tuesday, May 24, 2022

NCDEX Ref. Soya Oil under fresh selling; Resistance seen at 754

MCX Gold likely to trade in a range between 32037-32431

NCDEX Soyabean under long liquidation

MCX Gold under short covering; Support seen at 32101

MCX Silver under short covering; Resistance seen at 39739

MCX Crude Oil under short covering; Support seen at 3628

Technically Ref. Soya Oil market is under fresh selling as market has witnessed gain in open interest by 3.38% to settled at 43690.

Now NCDEX Ref. Soya Oil is getting support at 749 and below same could see a test of 746 level, And resistance is now likely to be seen at 754, a move above could see prices testing 756.

Ref. Soya Oil on NCDEX settled down by 0.12% at 751.4 on profit booking after prices gained on good physical demand. As per monthly SEA import report, 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%. In a fortnightly notification, Government increased tariff value of crude soy oil by 1 dollar to $708 per tn for the first half of January. India’s y/y imports of crude soy oil for November down by 25.6% on year and 23% on month at 2.04 lakh tonnes.

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. U.S. soyoil stocks at the end of November were projected at 2.030 billion lbs, down slightly from stocks totaling 2.041 billion lbs a month earlier.

Estimates ranged from 2.019 billion lbs to 2.038 billion lbs, with a median of 2.034 billion lbs. The National Oilseed Processors Association (NOPA), whose members account for 95 percent of all U.S. soy crushing, estimated that its members processed 166.959 million bushels of soybeans in November, compared with a record-high 172.346 million in October. At the Indore spot market in Madhya Pradesh, soyoil was steady at 761.4 Rupees per 10 kgs.

Trading Ideas:
–Ref. Soya Oil trading range for the day is 746-756.
–Ref. Soya Oil dropped on profit booking after prices gained on good physical demand.
–As per monthly SEA import report, India’s edible oil imports fell 12.4% on year to 10.73 lakh tn in November.
–USDA in its latest monthly update forecast India soyoil production at 16.92 lakh tonnes, up 2.2% on month.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 761.4 Rupees per 10 kgs.

Courtesy: Kedia Commodities

Source: Commodityonline.com

Related Articles

Stay Connected

11,301FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles