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Sunday, January 16, 2022

NCDEX Ref. Soya Oil under fresh selling; Resistance seen at 1212

Technically Ref. Soya Oil market is under fresh selling as market has witnessed gain in open interest by 0.01% to settled at while prices down 20.5 rupees.

Now NCDEX Ref. Soya Oil is getting support at 1184 and below same could see a test of 1171 levels, and resistance is now likely to be seen at 1212, a move above could see prices testing 1227.

Ref. Soya Oil yesterday settled down by 1.69% at 1196.1 fuelled by concerns that the Omicron coronavirus variant could trigger renewed global lockdowns and dampen demand for global edible oils. 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 1220.45 Rupees per 10 kgs.

Trading Ideas:
–Ref. Soya Oil trading range for the day is 1171-1227.
–Ref. Soya Oil dropped fuelled by concerns that the Omicron coronavirus variant could trigger renewed global lockdowns and dampen demand for global edible oils.
–Rajasthan Govt imposed stocks limits on soyabean oil.
–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 1220.45 Rupees per 10 kgs.

Courtesy: Kedia Commodities

Source: Comodity Online

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