NCDEX Ref. Soya Oil under fresh buying; Resistance seen at 859
Commodity Online | July 24 2020
UPDATED 11:10:36 IST

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Technically  Ref. Soya Oilmarket is under fresh buying as market has witnessed gain in open interest by 1.83% to settled at 25345 while prices up 5.5 rupees.

Now NCDEX Ref. Soya Oil is getting support at 850 and below same could see a test of 844 levels, and resistance is now likely to be seen at 859, a move above could see prices testing 862.

Ref. Soya Oil yesterday settled up by 0.65% at 855.2 on some buying support after prices dropped following reports of higher imports of soyoil this month.

Soybean Processors Association of India is expecting import of crude degummed soyoil to hit a record high of 500,000 tn in July due to a recovery in demand with the easing of lockdown norms.

Amid rising demand from the feed industry, India registered record oilmeal imports in four years at 11,42,902 tonnes (1.1 mt) for the year 2019-20.

According to Directorate General of Foreign Trade (DGFT) information, India’s oilmeal/oilcake imports rose to 11,42,902 tonnes value ?3,218 crore for 2019-20 as towards 6,70,709 tonnes value ?2,558 crore in 2018-19. The worth of imports rose by 26 per cent.

India is seen importing oilseeds more aggressively than exporting it. As per the government data for past four years, oilseeds imports to India have jumped 226 per cent as against 14 per cent dip in exports.

India's imports of edible oil in June were up 8% year on year, due to the refilling of depleted stocks. In a major boost for India’s oilseed sector, the country has recorded a sharp jump — nearly 54 per cent — in edible oil exports to 80,765 tonnes for 2019-20, according to government data.

Trading Ideas:
--Ref. Soya Oil trading range for the day is 844-862.
--Ref. Soya Oil gained on some buying support after prices dropped following reports of higher imports of soyoil this month.
--Soybean Processors Association of India is expecting import of crude degummed soyoil to hit a record high of 500,000 tn in July
--India registered record oilmeal imports in four years at 11,42,902 tonnes (1.1 mt) for the year 2019-20.
--At the Indore spot market in Madhya Pradesh, soyoil was steady at 845 Rupees per 10 kgs.

Courtesy: Kedia Commodities