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:675-677 resistance:686-688
Soybean NCDEX Feb Futures Rs./qtl support:2385-2400 resistance:2460-2480
RM Seed NCDEX Apr Futures Rs./qtl support:3200-3230 resistance:3280-3300
CPO MCX Feb Futures Rs./qtl support:506-508 resistance:516-518
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