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NCDEX Ref Soy Oil likely to move in a range of 631-643
Commodity Online | June 19 2017
UPDATED 12:15:32 IST

Mentha Oil market under fresh buying; Support seen at 918

Aluminium market under short covering; Support seen at 120

Zinc market under fresh buying; Support seen at170.5

MCX Copper under fresh buying; Resistance seen at 373.4

Long liquidation seen in NCDEX Soyabean

Technically NCDEX Ref Soy Oil is under short covering as market has witnessed drop in open interest by -3.33% to settled at 50500 while prices up 0.1 rupees.

Now Ref.Soya oil is getting support at 635 and below same could see a test of 632 level, And resistance is now likely to be seen at 640, a move above could see prices testing 642.

Ref soyoil ended with flat on oversupply woes following robust import data. India's soyoil imports during May spurted by 91.14% to 340,365 tons compared to 178,064 tons for the same period a year ago, data released by the Solvent Extractors Association (SEA) of India showed.

Monthly import of refined edible oil surged last month, to 2,94,409 tonnes, about 22 per cent of the overall import of 1.03 million tonnes.

After a high of 245,554 tonnes in December 2016, refined oil import fell to 196,623 tonnes in January, 20-21 per cent of the entire import of edible oil.

According to Solvent Extractors Association (SEA), India’s May edible oil stocks at ports and pipelines rose 1.87 Percent m-o-m to 21.60 lakh tons from 21.20 lakh tons in April 2017.

India is presently holding 37 days of edible oil requirement on 1st June, 2017 at 21.60 lakh tons compared to 39 days of requirements last month.

India’s monthly edible oil requirement is 17.5 lakh tons. Global oilseed production changes for 2016/17 include higher soybean production in Brazil and Argentina and higher peanut production in India. Global soybean production is raised 3.3 million tons to 351.3 million.

The Brazil soybean crop is projected up 2.4 million tons to 114.0 million reflecting increased yields in more recently harvested areas.

Trading Ideas:

--Ref.Soya oil trading range for the day is 631-643.

--Ref soyoil ended with flat on oversupply woes following robust import data.

--India's soyoil imports during May spurted by 91.14% to 340,365 tons compared to 178,064 tons for the same period a year ago.

--Global oilseed production changes for 2016/17 include higher soybean production in Brazil and Argentina and higher peanut production in India.

--At the Indore spot market in Madhya Pradesh, soyoil was steady at 630.15 Rupees per 10 kgs.

Courtesy: Kedia Commodities

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