MCX Crude Palm Oil under long liquidation; Resistance seen at 594.6
NCDEX Soyabean likely to move in a range of 3177-3279
MCX Gold under fresh buying; Support seen at 31380
MCX Silver may trade between 38471-39761 levels
MCX Crude Oil under fresh buying; Resistance seen at 5601
Technically Ref. Soya Oil market is under long liquidation as market has witnessed drop in open interest by 2.62% to settled at 31590 while prices down 3.7 rupees.
Now NCDEX Ref. Soya Oil is getting support at 755 and below same could see a test of 753 level, And resistance is now likely to be seen at 759, a move above could see prices testing 761.
Ref. Soya Oil on NCDEX settled down by 0.49% at 756.2 on profit booking after prices gained on improving physical demand for edible oil due to festive demand. Prices also seen pressure amid higher stocks and cut in tariff value, which lowered custom duty.
India’s oilmeal exports for the month of September 2018 reported a decline of about 73 per cent, the provisional data released by the Solvent Extractors’ Association of India (SEA) showed.
The export of oilmeals in September 2018, provisionally reported at 81,511 tonnes as compared to 298,182 tonnes in September 2017, is down by 73 per cent. The overall export between April to September 2018 was reported at 1,403,382 tonnes compared to 1,284,788 tonnes during the same period last year, rising 9 per cent, an SEA statement said.
However, provisional data revealed a decline in exports to major destinations such as South Korea, which imported 10,037 tonnes of oilmeal in September 2018, nearly 89 per cent less as against 89,856 tonnes in September 2017.
Oilmeal exports to Bangladesh (down 92 per cent ) and Vietnam (down 79 per cent ) too reported a significant decline. The data further showed that exports to South East Asia and other countries fell by 73 per cent from 232,379 tonnes in September 2017 to 63,101 tonnes this year.
Also, exports to European and other Western nations fell to 13,002 tonnes as against 61,091 tonnes in September 2017, plummeting 79 per cent. At the Indore spot market in Madhya Pradesh, soyoil was steady at 746.05 Rupees per 10 kgs.
Trading Ideas:
–Ref. Soya Oil trading range for the day is 753-761.
–Ref. Soya Oil ended with losses on profit booking after prices gained on improving physical demand for edible oil due to festive demand.
–Prices also seen pressure amid higher stocks and cut in tariff value, which lowered custom duty.
–India’s oilmeal exports for the month of September 2018 reported a decline of about 73 per cent.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 746.05 Rupees per 10 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
