Fundamental Analysis Refined Soybean Oil futures end in green on account of firm overseas market on bio-diesel concern on Tuesday.
The benchmark March contract on National Board of Trade (NBOT) Exchange, soybean oil ended higher at Rs 468.00/10 Kg on Tuesday, up Rs 1.00/10 Kg as compared to previous day.
CBOT March Soybean oil futures ended higher at 38.38 cents/pound on Tuesday, up 0.43 cents/pound as compared to previous close.
Spread between NCDEX and MCX March Ref Soy Oil contract is Rs -1.45 against previous day of Rs -0.40 per 10 Kg.
Technical Analysis
Prices closed above its 10 day and its 20 day EMA. 14-Day RSI is at 64.73, 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 slightly 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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