Oilseed complex are expected to trade lower on account of lower demand of oilseeds as lower export demand of domestic oil meals, China has put restrictions on import of oil-meal from India after it found contamination of malachite green in rapeseed meal.
Strong gains in INR against US dollar are also in favour of the bears as edible oil imports would be cheaper and oil-meal exporters would get less return on oil meal exports. Arrivals of Rabi oilseeds in some parts of the country are also in favour of the bears.
Soy Oil Feb NCDEX Futures Rs./qtl support:671-674 resistance:684-687
Soybean NCDEX Feb Futures Rs./qtl support:2390-2410 resistance:2460-2480
RM Seed NCDEX Apr Futures Rs./qtl support:3200-3230 resistance:3290-3315
CPO MCX Feb Futures Rs./qtl support:508-510 resistance:517-519
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