Last Updated : March 10, 2010 14:15
Refined Soy Oil falls on fresh arrivals
Fundamental Analysis Soy oil prices ended in red on account of lower demand at retail ends and fresh arrivals of rabi oilseeds provided support to bears on Tuesday.
CBOT May Soybean oil futures ended slightly higher at 40.28 cents/pound on Monday, up 0.23 cents/pound as compared to previous close.
The benchmark March contract on National Board of Trade (NBOT) Exchange, soybean oil ended lower at Rs 458.70/10 Kg on Monday, down Rs 3.40/10 Kg as compared to previous day.
In Census Bureau soybean oil stocks for January came in at 3.224 billion pounds this morning, up from 3.110 at the end of December. Soy oil used for methyl esters (bio-diesel) was only 89.7 million pounds in January, down sharply - about 62% - from 236 million pounds in December.
Technical Analysis Prices closed below its 10 day & its 20 day EMA, which indicates downward market sentiments.
14-Day RSI is at 42.8, and is trading in the neutral zone.
Daily MACD is in positive territory.
Outlook Refined soy oil futures are expected to trade range bound amid subdued trading activity on lack of fresh fundamentals (for short term). In the long term perspective, higher import of edible oils during the first 3 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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