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Technically Ref. Soya Oil market is under fresh selling as market has witnessed gain in open interest by 21.49% to settled at 49290 while prices down 8.4 rupees.
Now NCDEX Ref. Soya Oil is getting support at 734 and below same could see a test of 731 level, And resistance is now likely to be seen at 743, a move above could see prices testing 749.
Ref. Soya Oil on NCDEX settled down by 1.13% at 737.65 on profit booking after prices rose due to good demand in spot for the coming season amid reports of lower imports during August. To some extent downside seen limted due to pause in selling in the wake of record fall in rupee and demand hope in spot for the festival season.
Market participants are also expecting good demand in spot for the coming season amid reports of lower imports during August. The Government of India cut the tariff rate or the base import prices for all edible oils in line with trend in global markets. The lower tariff rate means lower import duty on edible oils.
The base import price of crude soybean oil cut to $717 per ton from $723 per ton earlier. With this the import duty on crude soybean oil is Rs 19,116 per ton as against Rs 19,276 per ton earlier. According to Solvent Extractors Association (SEA), India’s July edible oil stocks at ports and pipelines fell 1.70 percent m-o-m to 24.75 lakh tons from 25.18 lakh tons in May 2018.
Stocks of edible oil at ports fell to 928,000 tons (CPO 250,000 tons, RBD Palmolein 160,000 tons, Degummed Soybean Oil 320,000 tons, Crude Sunflower Oil 190,000 tons and 8,000 tons of Rapeseed (Canola) Oil and about 1,547,000 tons in pipelines. At the Indore spot market in Madhya Pradesh, soyoil was steady at 743.7 Rupees per 10 kgs.
Trading Ideas:
–Ref. Soya Oil trading range for the day is 731-749.
–Ref. Soya Oil dropped on profit booking after prices rose due to good demand in spot for the coming season amid reports of lower imports during August.
–To some extent downside seen limited due to pause in selling in the wake of record fall in rupee and demand hope in spot for the festival season.
–India’s July edible oil stocks at ports and pipelines fell 1.70 percent m-o-m to 24.75 lakh tons from 25.18 lakh tons in May 2018.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 743.7 Rupees per 10 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
