Last Updated : February 09, 2010 11:20
Ref. Soyoil recovers on short covering
Fundamental Analysis
Refined Soybean Oil futures end in green on account of short covering after sharp fall during the last 2-3 weeks.
The benchmark February contract on National Board of Trade (NBOT) Exchange, soybean oil ended higher at Rs 560.00/10 Kg on Monday, up Rs 4.30/10 Kg as compared to previous day.
CBOT March Soybean oil futures ended higher at 37.95 cents/pound on Monday, up 0.95 cents/pound as compared to previous close.
Spread between NCDEX and MCX March Ref Soy Oil contract is Rs -0.70 per 10 Kg.
Technical Analysis
Prices closed above its 10 day and its 20 day EMA. 14-Day RSI is at 53.18, which is in neutral zone.
Daily MACD is in positive territory, which indicates bullish market sentiments.
Outlook
Refined soy oil futures are expected to trade higher on account of firm overseas market (for short term). In the long term perspective, higher import of edible oils during the first 2 month of oil marketing year as compared to last year during the same period. Huge stock of imported edible oil and decision of continue to import of crude edible oil at 0% also in favor of bears in the market.
Courtesy: Angel Commodities
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Rs 5030 , up Rs. 22 . What's your view on it?
