NCDEX Turmeric under short covering; Resistance seen at 6660
NCDEX Mustard Seed under fresh selling; Resistance seen at 3866
MCX Crude Palm Oil may trade between 539.1-550.3 levels
NCDEX Soyabean likely to move in a range of 3656-3746
Natural Gas market under short covering; Support seen at 227.8
Technically NCDEX Ref. Soya Oil is getting support at 749 and below same could see a test of 746 level, And resistance is now likely to be seen at 757, a move above could see prices testing 762.
Ref. Soya Oil on NCDEX settled down by 0.39% at 752.3 on profit booking after prices gained amid good demand in physical market amid anticipation of lower imports. USDA in its latest monthly update forecast said India soyoil production at 1.69 million tons, up 2.2% on month and 22.1% on year.
Soyoil imports are unchanged for month at 3.4 million ton, but 14% higher on year, said USDA in its report. Consumption pegged at 4.95 million tons, up 7% compared to last year whereas in a fortnightly notification, Government did not changed the tariff value of crude soy oil ($707 per tn) for the second half of December.
As per monthly SEA import report, India’s edible oil imports fell 12.4% on year to 10.73 lakh tn in November. Imports of edible oil are lower on the month by 8.6%. In Nov, India’s crude soy oil imports fell 25.6% on year to 2.04 lakh tonnes (lt).
India’s vegoil imports in November fell 10 percent to 1.1 million tonnes from a year ago, a trade body said. The country’s imports of palm oil in November stood at 691,827 tonnes, while soyoil imports were 203,734 tonnes, the Solvent Extractors’ Association of India said in a statement.
India’s oilmeal exports in November edged down 16 percent from a year earlier to 311,739 tonnes as shipments of soymeal fell from the last year’s lower base.At the Indore spot market in Madhya Pradesh, soyoil was steady at 769.7 Rupees per 10 kgs.
Trading Ideas:
–Ref. Soya Oil trading range for the day is 746-762.
–Ref. Soya Oil dropped on profit booking after prices gained amid good demand in physical market amid anticipation of lower imports.
–USDA in its latest monthly update forecast said India soyoil production at 1.69 million tons, up 2.2% on month and 22.1% on year.
–Soyoil imports are unchanged for month at 3.4 million ton, but 14% higher on year, said USDA in its report.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 769.7 Rupees per 10 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
