MUMBAI (Commodity Online): On the back of rising demand amid declining production, India's oil and oil seed (Crude palm oil, soybean, mustard seed, soybean oil) prices have staged rallies for the past few weeks.
In India's commodity exchanges, National Commodity and Derivative Exchange (NCDEX) and Multi Commodity Exchange (MCX), oil and oil seed traded up during 1st February to 22nd February.
Soybean traded up 5.56% from Rs 2,498 to Rs 2637, Mustard seed was up 5.81% to Rs 3604 from Rs 3300, While, edible oil like Soybean oil traded up 5.81% from Rs 677.50 to Rs 716.90 and crude palm oil traded up 4.48% to Rs 547.60 from Rs 524.10.
According to Dharmesh Bhatia, Associate Vice President - Research, Kotak Commodities, has termed oil and oilseeds as short term bullish and has advised the traders:-
For Soybean- the traders are advised to go long in NCDEX Soybean at current market price (CMP) with prices holding above Rs.2450 and dips toward Rs.2580 with a target of Rs.2805 and stop loss at Rs.2540 level.
For CPO- the traders are advised to go long in MCX CPO at current market price (CMP) with a target of Rs. 591 and stop loss at Rs.510 level.
For Refined Soya oil- the traders are advised to go long in NCDEX Refined soya oil at current market price (CMP) with dips toward Rs.705 with a target of Rs.738 and stop loss at Rs.690 level.
For Mustard Seed- the traders are advised to go long in NCDEX mastard seed at current market price (CMP) with dips toward Rs.3550 with a target of Rs.3810 and stop loss at Rs.3480 level.
Meanwhile, In NCDEX, for March delivery, soybean traded down 0.08% to Rs 2590.5, Refined soy oil up 0.25% to Rs 714.8 and mustard seed for April delivery traded up 0.31% to Rs 3559. And in MCX, the CPO for MArch delivery traded down 0.33% to Rs 545.80.
