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Crude Oil ( MCX ) 3787 | Silver ( MCX ) 39542 | Copper ( MCX ) 450.3 | Gold ( MCX ) 29577 | Cotton Seed ( NCDEX ) 1627 | Guargum ( NCDEX ) 8698 | Soya Bean ( NCDEX ) 3009
Technically Ref Soy Oil is under fresh selling as market has witnessed gain in open interest by 0.82% to settled at 51770 while prices down -6.65 rup" />
 
Fresh selling seen in NCDEX Ref Soy Oil
Commodity Online | November 15 2017
UPDATED 10:45:59 IST

NCDEX Mustard Seed under short covering

MCX Crude Palm Oil under long liquidation

MCX Natural Gas may trade in a range between 181.1-196.9

MCX Crude Oil expected to trade between 3709-3859 levels

MCX Silver expected to trade in a range between 39231-39649

Technically Ref Soy Oil is under fresh selling as market has witnessed gain in open interest by 0.82% to settled at 51770 while prices down -6.65 rupees.

Now Ref.Soya oil is getting support at 705 and below same could see a test of 703 level, And resistance is now likely to be seen at 712, a move above could see prices testing 717.

Ref.Soyaoil on NCDEX settled down by -0.93% at 708.45 tracking weakness in spot demand as import duty was not hiked. However downside seen limited due to good intake by the bulk traders on hope that the import hike may happen near future.

Recently, Government hike the tariff value for soy oil by $15 per ton to $839 for the first half of Nov also support prices.

Moreover, firm international prices, higher import duty and good demand from the stockists is supporting edible oil prices in India despite higher stocks and good oilseed production.

China imported 5.86 million tonnes of soybeans in October, down 28 percent from the previous month and well below market expectations, customs data showed, after some shipments were delayed.

The figures were still up 12 percent from 5.21 million tonnes in October last year, supported by robust demand in the world's top buyer of the oilseed, according to data from the General Administration of Customs.

Indias edible oil imports are likely to rise to 15.90 million tonnes in the 12 months through October 2018, up from an estimated 15.14 million tonnes shipped this marketing year.

Lower oilseed production in India, the world's biggest edible oil importer, rising demand and population growth are boosting demand for imported oils.

India soybean crop is lower this year, some areas had too much and while others remained dry. At the Indore spot market in Madhya Pradesh, soyoil was steady at 687.1 Rupees per 10 kgs.

Trading Ideas:

--Ref.Soya oil trading range for the day is 703-717.

--Ref soyoil ended with losses tracking weakness in spot demand as import duty was not hiked.

--However downside seen limited due to good intake by the bulk traders on hope that the import hike may happen near future.

--Recently, Government hike the tariff value for soy oil by $15 per ton to $839 for the first half of Nov also support prices.

--At the Indore spot market in Madhya Pradesh, soyoil was steady at 687.1 Rupees per 10 kgs.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 12 10000.00
Coconut Oil 3.2 17500.00
Arecanut 21 22000.00
Sugar 5.3 3700.00

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