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Cold weather is likely to help soyoil prices to remain firm. Also, fall in soyoil supply in spot markets may support both soyoil futures and spot prices.

16 Jan 2013

MUMBAI (Commodity Online): India soyoil futures are expected to trade in a positive zone as upcoming demand boosters of festive and marriage season kick-in. However profit-booking is expected at current levels.

On physical markets bulk buyers are aggressively buying soyoil. However, cheap availability of palm and other edible oils may prevent soyoil futures from reaching higher levels.

“For short term the trend is looking bullish. But some profit booking is expected at current levels.” said Milan Shah, Research Analyst at Commodity Online commenting on soyoil futures on NCDEX.

“Support is at 700 level and resistance at 725.” noted Milan.

Cold weather is likely to help soyoil prices to remain firm. Also, fall in soyoil supply in spot markets may support both soyoil futures and spot prices.

According to the United States Department of Agriculture (USDA), the world soy oil production is expected to rise for the year 2012-13 on improved production in China and Argentina.


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