MUMBAI (Commodity Online): Soy refined prices improve on good buying support in physical and futures market. Further international market also supports the Indian market. In fact market was trading in an oversold region and some bounce back was expected.
Some buying queries were seen in the physical market. During Nov 08-June 09 period India imported nearly 55.33 LT edible oil vs 30.96 LT same period last year reflecting that Indian importers have utilized the opportunity of cheap import on zero duty.
Thus in any sense the supply is under control. However it is the monsoon progress that is somewhat worrisome as it is below normal this year till now. This factor may give bullish impetus to the whole agricultural commodities in general and oilseeds in particular.
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NCDEX soy refined is expected to open positive and improvement may be seen. Buying on dips seems a better strategy for intraday traders. NCDEX Soy refined August contract is likely to get support near 458 then 455 and resistance near 464 then 467.
Courtesy: Religare Commodities
