Last Updated : September 02, 2010 13:45
Refined Soy Oil fall on short selling
Fundamental Analysis
NCDEX September refined soy oil futures traded lower on account of weak overseas market and lower demand in physical market at prevailing prices ahead of fresh arrivals of kharif oilseeds.
Better stock of imported edible oil and import of edible would cheaper in coming days due to strong INR against US$ also added bearish market sentiments.
Spread between NCDEX and MCX September contract is Rs -0.10 against previous day of Rs -0.10 per 10 Kg.
CBOT December soy oil futures ended higher at $ 40.12 cents/pounds on Wednesday, down 0.07 cents/pounds as compared to previous close.
The Solvent Extractors Association (SEA) has recently noted that the edible oil stock at Indian Ports is 635000 MT, up 10% over the month.
Technical Analysis
Prices closed below its 10 day & its 20 day EMA, which indicates bearish market sentiments.
14-Day RSI is at 42.20, which is in neutral zone.
Outlook
In the Intraday perspective, soy oil prices are expected to trade slightly lower due to lower demand in physical market and huge stock of imported edible oil and better carry over stock of oilseeds this year as compared to last year.
Courtesy: Angel Commodities Get Trading Tips that suits your kind of investment
MCX GOLDGUINEA 31 March 2012
contract was trading at
Rs 22586 , up Rs. 106 . What's your view on it?
