Technically Ref. Soyabean market is under fresh buying as market has witnessed gain in open interest by 3.37% to settled at 28335 while prices up 3.4 rupees.
Now NCDEX Ref. Soya Oil is getting support at 773 and below same could see a test of 771 levels, and resistance is now likely to be seen at 779, a move above could see prices testing 783.
Ref. Soya Oil yesterday settled up by 0.44% at 775.6 as customs duty hike on edible oil imports perking up prices. Further downside seen limited due to insufficient stocks in physical markets following tepid imports and rising demand.
India's oilmeal exports dropped 60% in April from a year earlier, as higher government-set oilseed prices made New Delhi's overseas shipments uncompetitive.
India sold 102,001 tonnes of oilmeal on the world market in April 2020, the start of the 2020-21 fiscal year, the Solvent Extractors' Association of India said in a statement.
Demand for veg oil may fall further in the 2nd half of 2020 due to disruptions in economic activities caused by novel coronavirus. The disruption caused by novel coronavirus has already hit demand for veg oil.
According to Solvent Extractors Association (SEA), India’s April edible oil imports fell 34.11 percent y-o-y to 7.90 lakh tons from 11.99 lakh tons in April 2019.Soy oil imports fell 23.70 percent in Apr y-o-y to 1.90 lakh tons from 2.49 lakh tons in Apr 2019.
Rapeseed (canola) oil imports in Apr was 0.27 lakh tons compared to zero imports in Apr 2019. India's edible oil imports fell 32% on year to 941,219 tn in March, the Solvent Extractors' Association of India said. U.S. soyoil stocks at the end of February were projected to slip to 2.270 billion lbs.
--Ref. Soya Oil trading range for the day is 771-783.
--Ref. Soya Oil prices gained as customs duty hike on edible oil imports perking up prices.
--India's oilmeal exports dropped 60% in April from a year earlier
--April edible oil imports fell 34.11 percent y-o-y to 7.90 lakh tons from 11.99 lakh tons in April 2019.
--At the Indore spot market in Madhya Pradesh, soyoil was steady at 795.7 Rupees per 10 kgs.
Courtesy: Kedia Commodities