Last Updated : January 04, 2010 13:50
Refined Soy Oil price up on global demand
Fundamental Analysis Refined Soybean Oil futures traded higher on form overseas market and winter season demand.
CBOT January Soybean oil futures ended up at 39.49 cents/pound on Wednesday, up 0.06 cents/pound as compared to previous close.
The benchmark January contract on National Board of Trade (NBOT) Exchange, soybean oil ended higher at Rs 579.80/10 Kg on Wednesday, up Rs 2.10/10 Kg as compared to previous day.
As per Trade Ministry of Indonesia, Indonesia will raise its export tax on crude palm oil exports to 3% in January. However, it was zero from last five months.
Technical Analysis Ref Soy Oil Prices (NCDEX January Contract) closed higher at 493.70 per 10 Kg on Saturday; its high of the day was 494.60 levels and touched a low 490.00 level.
Prices closed above its 10 day and its 20 day EMA. 14-Day RSI is at 56.72, which is in neutral zone.
Outlook
Refined soy oil futures are expected to trade slightly higher on firm overseas market (for short term). However, in the long term perspectives prices are expected to move southwards on account of huge stock of imported edible oil this year as compared to last year and decision of continue to import of crude edible oil at 0% also in favor of bears in the market.
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NCDEX POTATOFAQAUG12 17 August 2012
contract was trading at
Rs 0 . What's your view on it?
