Fundamental Analysis

NCDEX September refined soy oil futures traded lower on account of 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 -0.20 against previous day of Rs -0.10 per 10 Kg.

CBOT December soy oil futures ended higher at $ 40.20 cents/pounds on Thursday, up 0.08 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 38.44, 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

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