MCX Cotton under fresh selling; Resistance seen at 22430
MCX Cardamom under fresh buying; Support seen 1415.2
NCDEX Jeera likely to move in a range of 20740-21780
NCDEX Turmeric under fresh buying; Resistance seen at 6748
NCDEX Mustard Seed may trade between 4133-4191 levels
Technically NCDEX Ref. Soya Oil is getting support at 753 and below same could see a test of 752 level, And resistance is now likely to be seen at 756, a move above could see prices testing 758.
Ref. Soya Oil on NCDEX settled down by 0.11% at 754.7 tracking weakness in soyabean prices and overseas prices. Government plans to procure 44 lakh tonnes of oilseeds and pulses from farmers at MSPs in the ongoing kharif marketing season that started Oct 1 As per SOPA, soybean production in 2018/19 may highest in last 5 year at 114.8 lakh tonnes 37.8% higher than last year production.
Improving physical demand and increase in steep hike in tariff value by $40 to $741 per tn for the second half of October by government is supporting prices. Moreover, there is consistent increase in demand from stockists due to coming festivals.
As per the data from SEA, import of edible (cooking) oils in Sep down at 14.22 lakh tonnes compared to 14.65 lakh tonnes in Aug. India’s year-on-year imports of edible oil in Sep 2018 were down by 5.3 %, while the overall imports during the 11 months from Nov 2017 to Sep 2018 were down by 4.3%.
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As per SOPA, soybean production in 2018/19 may highest in last 5 year at 114.8 lakh tonnes 37.8% higher than last year. For soybean, expected production is 450 lakh quintal and procurement is expected to be around 25 lakh quintal.
India’s vegetable oil imports fell 2% on year to 1.49 mln tn in September, according to data from Solvent Extractors’ Association of India. During Nov-Sep, the country imported 13.8 mln tn of vegetable oil compared with 14.3 mln tn a year ago. At the Indore spot market in Madhya Pradesh, soyoil was steady at 762.95 Rupees per 10 kgs.
Trading Ideas:
–Ref. Soya Oil trading range for the day is 752-758.
–Ref. Soya Oil prices dropped tracking weakness in soyabean prices and overseas prices.
–As per SOPA, soybean production in 2018/19 may highest in last 5 year at 114.8 lakh tonnes 37.8% higher than last year production.
–For soybean, expected production is 450 lakh quintal and procurement is expected to be around 25 lakh quintal.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 762.95 Rupees per 10 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
