Home Commodity Market News NCDEX Ref. Soya Oil under long liquidation; Support seen at 1209

NCDEX Ref. Soya Oil under long liquidation; Support seen at 1209

0
14

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

NO COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here