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Wednesday, February 28, 2024

NCDEX Ref. Soya Oil under fresh selling; Resistance seen at 1159

Technically Ref.Soya Oil market is under fresh selling as market has witnessed gain in open interest by 4.08% to settled at 34415 while prices down 14.2 rupees.

Now NCDEX Ref.Soya Oil is getting support at 1141 and below same could see a test of 1130 levels, and resistance is now likely to be seen at 1159, a move above could see prices testing 1166.

Ref.Soya Oil yesterday settled down by 1.22% at 1151.7 on expectations that U.S. oil stocks were rising and global vegetable oil markets cooled.Soyoil imports more than doubled and India’s vegetable oil imports in November rose 11% from a year earlier to 1.17 million tonnes.

According to the Solvent Extractors’ Association of India (SEA) data, the country imported 4.74 lakh tonnes (lt) of crude soyabean oil in November against 2.16 lt in October  up 118.58 per cent.Argentina and Brazil contributed a major share of the total soyabean oil imports to the country.

India imported 3.19 lt of soyabean oil from Argentina in November 2021 against 2.35 lt in November 2020; and 1 lt (nil) from Brazil.Some quantities of soyabean oil were also imported from Egypt, Turkey and Ukraine during the period.

As on December 1, the stock of edible oils at various ports was estimated at 7.04 lt and pipeline stock at 9.50 lt with a total stock of 16.54 lt.Mehta said the total stock has decreased by 51,000 tonnes to 16.54 lt as on December 1 from 17.05 lakh tonnes as on November 1.

Overall import of vegetable oils (which includes edible oil and non-edible oil) 11.73 lt in November when compared to 10.60 lt in October, and 11.02 lt in November 2020. At the Indore spot market in Madhya Pradesh, soyoil was steady at 1177.9 Rupees per 10 kgs.

Trading Ideas:
–Ref.Soya Oil trading range for the day is 1130-1166.
–Ref.Soya Oil dropped on expectations that U.S. oil stocks were rising and global vegetable oil markets cooled.
–Soyoil imports more than doubled and India’s vegetable oil imports in November rose 11% from a year earlier to 1.17 million tonnes.
–Overall import of vegetable oils 11.73 lt in November when compared to 10.60 lt in October, and 11.02 lt in November 2020.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 1177.9 Rupees per 10 kgs.

Courtesy: Kedia Commodities

Source: Comodity Online

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