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Technically Ref. Soya Oil market is under fresh buying as market has witnessed gain in open interest by 11.68% to settled at 24660 while prices up 5.9 rupees.
Now NCDEX Ref. Soya Oil is getting support at 736 and below same could see a test of 732 level, And resistance is now likely to be seen at 742, a move above could see prices testing 744.
Ref. Soya Oil on NCDEX settled up 0.8% at 739.75 tracking firmness in spot demand despite of higher stock level in the country for edible oil. The edible prices have been under pressure due to lower tariff value and higher stock positions in the country.
According to an official notification, government cut the base import prices of all edible oils by $1-$8 per tn. For the second fortnight of August, base import price of crude soyoil has been slashed to $717 per tn from $723 per tn.
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Higher duty and depreciation in Indian rupee against the dollar has slow down the imports. As per the data from SEA, edible oil imports fell to 10.53 lt in July compared to 14.89 lt in the same period a year ago.
Soyoil degummed imports fell by 25% to 325,325 tons compared to 468,439 tons in July. 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. The Government of India cut the tariff rate or the base import prices for all edible oils in line with trend in global markets.
Trading Ideas:
–Ref. Soya Oil trading range for the day is 732-744.
–Ref. Soya Oil ended with gains tracking firmness in spot demand despite of higher stock level in the country for edible oil.
–According to an official notification, government cut the base import prices of all edible oils by $1-$8 per tn.
–As per the data from SEA, edible oil imports fell to 10.53 lt in July compared to 14.89 lt in the same period a year ago.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 735 Rupees per 10 kgs.
Courtesy: Kedia Commdities
Source: Commodityonline.com
