Natural Gas market under fresh buying; Support seen at 220.8
MCX Crude Oil likely to trade between 5210-5336 levels
MCX Silver expected to trade in a range between 37290-38866
MCX Gold expected to trade in a range between 30682-30916
MCX Crude Palm Oil under short covering; Support seen at 592.2
Technically Ref. Soya Oil market is under short covering as market has witnessed drop in open interest by 7.91% to settled at 47820 while prices up 0.55 rupees.
Now NCDEX Ref. Soya Oil is getting support at 738 and below same could see a test of 735 level, And resistance is now likely to be seen at 743, a move above could see prices testing 745.
Ref. Soya Oil on NCDEX settled up by 0.07% at 740.25 on anticipation of improving demand from the stockists in coming weeks. Higher import duty and depreciation in Indian rupee against the dollar has slow down the imports of edible oils in the country during the last three months.
According to an official notification, government increase base import prices of all edible oils. For the second fortnight of September, base import price of crude soyoil increase to $714 per tn from $711 per tn.
As per the data from SEA, import of vegetable (cooking) oils in August jumped to 15.12 lakh tonnes from 11.19 lakh tonnes in July, as pipelines were dried up due to lesser import during June and July 2018.
Soyoil degummed imports also increase by 7.7% to 312,049 tons compared to 249,746tons in August. India’s vegoil imports in August rose 11 percent to 1.5 million tonnes from a year ago, a trade body said.
The country’s imports of palm oil in August stood at 920,894 tonnes, while soyoil imports were 312,049 tonnes, the Solvent Extractors’ Association of India said in a statement. 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. At the Indore spot market in Madhya Pradesh, soyoil was steady at 742.85 Rupees per 10 kgs.
Trading Ideas:
–Ref. Soya Oil trading range for the day is 735-745.
–Ref. Soya Oil prices rose on anticipation of improving demand from the stockists in coming weeks.
–Higher import duty and depreciation in Indian rupee against the dollar has slow down the imports of edible oils in the country during the last three months.
–According to an official notification, government increase base import prices of all edible oils.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 742.85 Rupees per 10 kgs
Courtesy: Kedia Commodities
Source: Commodityonline.com
