MCX Aluminium may trade in a range between 147.1-153.7
Nickel market under long liquidation; Support seen at 931
NCDEX Soyabean likely to move in a range of 3161-3263
MCX Crude Palm Oil under short covering; Resistance seen at 594.3
Zinc market under long liquidation; Support seen at 172.7
Technically Ref.Soya Oil market is under short covering as market has witnessed drop in open interest by 1.88% to settled at 38640 while prices up 4.1 rupees.
Now NCDEX Ref.Soya Oil is getting support at 729 and below same could see a test of 725 level, And resistance is now likely to be seen at 735, a move above could see prices testing 737.
Ref.Soya Oil on NCDEX settled up by 0.56% at 732.15 tracking firmness in spot demand and due to firm soybean prices despite of higher stock level in the country for edible oil. The edible prices have been under pressure due to lower tariff value and higher stock positions in the country.
According to an official notification, government cut the base import prices of all edible oils by $1-$8 per tn. For the second fortnight of August, base import price of crude soyoil has been slashed to $717 per tn from $723 per tn.
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Higher duty and depreciation in Indian rupee against the dollar has slow down the imports. As per the data from SEA, edible oil imports fell to 10.53 lt in July compared to 14.89 lt in the same period a year ago.
Soyoil degummed imports fell by 25% to 325,325 tons compared to 468,439 tons in July. According to National Oilseed Processors Association (NOPA), U.S. July soybean crush rose 5.34 percent m-o-m to 167.733 million bushels from 159.228 million bushels in June 2018.
Crush of soybean in July 2017 was 144.718 million bushels. The Government of India cut the tariff rate or the base import prices for all edible oils in line with trend in global markets. At the Indore spot market in Madhya Pradesh, soyoil was steady at 732 Rupees per 10 kgs.
Trading Ideas:
–Ref. Soya Oil trading range for the day is 725-737.
–Ref. Soya Oil gains tracking firmness in spot demand and due to firm soybean prices despite of higher stock level in the country for edible oil.
–According to an official notification, government cut the base import prices of all edible oils by $1-$8 per tn.
–As per the data from SEA, edible oil imports fell to 10.53 lt in July compared to 14.89 lt in the same period a year ago.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 732 Rupees per 10 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
