Commodity Online MUMBAI: Soy refined prices also closed with a negative note on weakness in physical market. Supply conditions are quite comfortable and good amount of stock is believed be there.
In summer, usually soy oil demand comparatively remains low as compared to its other cheap substitutes like crude palm oil. It is to be learnt that India has made good amount of edible oil import in past few months and supply situation is quite comfortable.
Thus prices are facing resistance on higher levels. Kharif oilseeds crop sowing is going on. Good rains have been seen in MP and MH. Traders anticipate some increment in the edible oilseeds sown area particularly under soybean in Maharashtra and Madhya Pradesh and groundnut in Gujarat and Andhra Pradesh.
Trade commodities or equities from across the globe. Join NowOn Friday downtrend may be seen. NCDEX Soy refined July contract is likely to get support near 465 then 463 and resistance near 471 then 475.
Courtesy: Religare Commodities
