NCDEX Ref. Soya Oil under fresh buying; Resistance seen at 736
Commodity Online | May 15 2019
UPDATED 11:10:59 IST

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Technically Ref. Soya Oil market is under fresh buying as market has witnessed gain in open interest by 0.33% to settled at 37040 while prices up 5.75 rupees.

Now Ref. Soya Oil is getting support at 736 and below same could see a test of 733 level, And resistance is now likely to be seen at 741, a move above could see prices testing 743.

Ref. Soya Oil on NCDEX settled up by 0.78% at 739.65 supported by improving demand at the domestic spot market.

However, upside seen limited due to higher stocks at port and expectation of higher imports. In a fortnightly notification, Government cut tariff value of crude soy oil by 18 dollar to $693 per tn for the 2nd half of April.

Export of oilmeals rose by 31 per cent to Rs 6,222 crore during the last fiscal year on higher volumes as well as price realisation, industry data showed. The country had exported oilmeals worth Rs 4,762 crore during the 2017-18 fiscal, according to the Solvent Extractors' Association of India (SEA) data.

According to monthly report released by SEA, Soyoil import jumped by 154.5% to 2.92 lt in March compared to 1.15 lt last year same month. Overall, imports are higher by 19.5 for the period of Nov-Mar at 9.88 lt.

According to monthly report released by SEA, soy oil import jumped by 64.7% to 2.20 lt in February compared to 1.34 lt last year same month. Overall, imports are lower by 2.31% for the period of Nov-Feb at 6.95 lt.

USDA FAS in its latest GAIN report forecast India soyoil production at 17.22 lakh tonnes in 2018/19, up by 14.2% forecast by official USDA while Soyoil imports are pegged at 36 lt Vs 34 lt by USDA.  At the Indore spot market in Madhya Pradesh, soyoil was steady at 756.65 Rupees per 10 kgs.

Trading Ideas:
--Ref. Soya Oil trading range for the day is 733-743.
--Ref. Soya gained supported by improving demand at the domestic spot market.
--Export of oilmeals rose by 31 per cent to Rs 6,222 crore during the last fiscal year on higher volumes as well as price realisation, industry data showed.
--The country had exported oilmeals worth Rs 4,762 crore during the 2017-18 fiscal.
--At the Indore spot market in Madhya Pradesh, soyoil was steady at 756.65 Rupees per 10 kgs.

Courtesy: Kedia Commodities

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