Zinc market under short covering; Support seen at 175.3
MCX Copper may trade in a range between 409.6-422.2
MCX Crude Oil likely to trade in a range between 4528-4872
MCX Silver likely to trade in a range between 37660-38330
Gold market under fresh selling; Support seen at 29550
Technically Ref.Soya Oil market is under fresh selling as market has witnessed gain in open interest by 7.54% to settled at 39630 while prices down 6.9 rupees.
Now NCDEX Ref.Soya Oil is getting support at 730 and below same could see a test of 727 level, And resistance is now likely to be seen at 738, a move above could see prices testing 743.
Ref.Soya Oil on NCDEX settled down by 0.93% at 732.35 tracking weakness in spot demand amid higher stock positions in the country. Sellers too were cautious in offerings, expecting good demand from mills to meet the festive demand for soyoil.
According to an official notification, government slashed the base import price of all edible oils in the range of $20-$36 per tn. As per the data from SEA, edible oil imports fell to 10.07 lt in June compared to 12.9 lt in the same period a year ago on lower crude oil prices.
Soyoil degummed imports fell marginally to 288,519 tons compared to 290,904 tons. Domestic edible oil industry has asked the government to put imports of all edible oil products and vanaspati on negative list of South Asian Free Trade Area (SAFTA) treaty to curb imports of edible oils and save the industry and farmers.
In a move to help farmers by curbing surging imports, the government in March hiked the import duty on CPO to 48.4% and later also enhanced import duty on soft oils, said Atul Chaturvedi, president Solvent Extractors Association of India (SEA) in a letter to commerce minister Suresh Prabhu.
However, cheap imports from SAFTA member countries have distorted the domestic markets, undermining the entire initiative of supporting the farmers. At the Indore spot market in Madhya Pradesh, soyoil was steady at 743.75 Rupees per 10 kgs.
Trading Ideas:
— Ref.Soya Oil trading range for the day is 727-743.
— Ref.Soya Oil ended with losses tracking weakness in spot demand amid higher stock positions in the country.
–Sellers too were cautious in offerings, expecting good demand from mills to meet the festive demand for soyoil
–According to an official notification, government slashed the base import price of all edible oils in the range of $20-$36 per tn.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 743.75 Rupees per 10 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
