Technically Ref. Soya Oil market is under long liquidation as market has witnessed drop in open interest by 4.8% to settled at while prices down 7.1 rupees.
Now NCDEX Ref. Soya Oil is getting support at 1209 and below same could see a test of 1202 levels, and resistance is now likely to be seen at 1228, a move above could see prices testing 1240.
Ref. Soya Oil yesterday settled down by 0.58% at 1216.6 after Rajasthan Govt imposed stocks limits on soyabean oil. Pressure seen amid broad-based selling in commodities over concerns about a new variant of the coronavirus.
The Maharashtra Government has decided not to put stock-limit on edible oil stocks after the edible oil traders made a representation before the state Food Secretary.
The state government was to decide the stock-limit of edible oil stocks but the Maharashtra Government has decided to defer the decision after a delegation of edible oil traders met with the Food and Civil Supplies Secretary and requested for a deferment.
India’s October edible oil imports fell 14.29 percent y-o- y to 10.49 lakh tons from 16.98 lakh tons in October 2020. India’s October’2021 soymeal exports declined by 88% to 14,538 metric tonnes compared to 120,290 metric tonnes in the same period last year.
Global production of the top four vegetable oils – palm, sunflower, soy and rapeseed oils – is likely to rise the highest in four years.
The production of the four oils is estimated to rise by 6.3-6.8 mln tonnes in the 2021/2022 crop year altogether, after two years of a global production deficit. At the Indore spot market in Madhya Pradesh, soyoil was steady at 1240 Rupees per 10 kgs.
Trading Ideas:
–Ref. Soya Oil trading range for the day is 1202-1240.
–Ref. Soya Oil prices dropped after Rajasthan Govt imposed stocks limits on edible oil stocks.
–Pressure seen amid broad-based selling in commodities over concerns about a new variant of the coronavirus.
–The Maharashtra Government has decided not to put stock-limit on edible oil stocks
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 1240 Rupees per 10 kgs.
Courtesy: Kedia Commodities
Source: Comodity Online
