MCX Crude Palm Oil likely to move in a range of 588.1-602.5
NCDEX Soyabean under short covering; Support seen at 3286
MCX Nickel under short covering; Resistance seen at 905.3
MCX Aluminium likely to move in a range of 143.8-149
MCX Menthol Oil under fresh Selling; Support seen at 1648.8
Technically Ref. Soya Oil market is under short covering as market has witnessed drop in open interest by 25.99% to settled at 35390 while prices up 6.15 rupees.
Now NCDEX Ref. Soya Oil is getting support at 738 and below same could see a test of 731 level, And resistance is now likely to be seen at 753, a move above could see prices testing 761.
Ref. Soya Oil on NCDEX settled up by 0.83% at 746.4 amid hopes of good seasonal demand. Lower imports during August at 312,049 tons from 352,325 tons a month ago. Cost of fresh imports will be higher partly due to weak rupee and partly due to higher prices in global markets.
The Government of India cut the tariff rate or the base import prices for all edible oils in line with trend in global markets. The lower tariff rate means lower import duty on edible oils. The base import price of crude soybean oil cut to $717 per ton from $723 per ton earlier.
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With this the import duty on crude soybean oil is Rs 19,116 per ton as against Rs 19,276 per ton earlier. India’s vegoil imports in August rose 11 percent to 1.5 million tonnes from a year ago, a trade body said.
The country’s imports of palm oil in August stood at 920,894 tonnes, while soyoil imports were 312,049 tonnes, the Solvent Extractors’ Association of India said in a statement.
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. At the Indore spot market in Madhya Pradesh, soyoil was steady at 745.15 Rupees per 10 kgs.
Trading Ideas:
–Ref. Soya Oil trading range for the day is 731-761.
–Ref. Soya Oil ended with gains amid hopes of good seasonal demand.
–Lower imports during August at 312,049 tons from 352,325 tons a month ago.
–India’s vegoil imports in August rose 11 percent to 1.5 million tonnes from a year ago, a trade body said.
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 745.15 Rupees per 10 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
