Crude Oil market under fresh selling; Support seen at 3638
Silver market under long liquidation; Support seen at 38212
Gold market under long liquidation; Support seen at 31442
NCDEX Soyabean may trade in range between 3348-3418
MCX Crude Palm Oil under fresh buying; Resistance seen at 508.4
Technically Ref.Soya Oil is getting support at 736 and below same could see a test of 733 level, And resistance is now likely to be seen at 743, a move above could see prices testing 747.
Ref.Soya Oil on NCDEX settled down by 0.67% at 737.75 on profit booking after prices gained as stockists are active in procuring new season soy oil. As per monthly SEA import report, India’s vegetable oil imports fell 2.7% on year to 15 million tn in the year ended October.
Reports of higher domestic soy oil production and good imports in coming months will keep the stocks higher. In a fortnightly notification, Government cut tariff value of crude soy oil by $10 to $707 per tn for the first half of December. India’s y/y imports of crude soy oil for October higher by 20%, while the overall imports during the 2017-18 (Nov-Oct) is down by 8.1% to 30 lakh tonnes.
India’s 2018-19 soybean production is projected at 13.46 million tons, up 22.5% over previous year, agriculture ministry data showed. India’s October soyoil imports were down at 264,089 tons from 341,402 tons a month ago but traders are expecting higher imports in coming months.
According to United States Department of Agriculture (USDA) November estimate, U.S 2018/19 ending stocks of soy oil is fell 9.5 percent to 1,915 million lbs from 2,116 million lbs in earlier estimate.
Opening stocks are lowered to 1,990 million lbs from 2,206 million lbs. Production of soy oil in 2018/19 is lowered to 26,315 million lbs from 26,416 million lbs in its earlier estimate. Imports in 2018/19 are kept unchanged at 300 million lbs. At the Indore spot market in Madhya Pradesh, soyoil was steady at 742.35 Rupees per 10 kgs.
Trading Ideas:
— Ref.Soya Oil trading range for the day is 733-747.
–Ref.Soya prices dropped on profit booking after prices gained as stockists are active in procuring new season soy oil.
–As per monthly SEA import report, India’s vegetable oil imports fell 2.7% on year to 15 million tn in the year ended October.
–Reports of higher domestic soy oil production and good imports in coming months will keep the stocks higher.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 742.35 Rupees per 10 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
