Live Spot Prices
Crude Palm Oil ( MCX ) 543 | Cotton ( MCX ) 18010 | Menthol Oil ( MCX ) 1170.5 | Lead ( MCX ) 161.45 | Kapas ( NCDEX ) 851.5 | Refined Soy Oil ( NCDEX ) 681.9 | Wheat ( NCDEX ) 1634
 
Support seen at 671 for NCDEX Ref Soy Oil
Commodity Online | September 14 2017
UPDATED 10:44:41 IST

MCX Cotton likely to trade in a range between 18147-18527

MCX CPO under long liquidation: Support seen at 537.8

NCDEX Ref.Soya oil likely to trade in a range between 672-678

Mentha Oil market under long liquidation; Support seen at 1165.8

MCX Aluminium likely to trade in a range between 135.1-143.1

Technically now Ref.Soya oil is getting support at 671 and below same could see a test of 666 level, And resistance is now likely to be seen at 680, a move above could see prices testing 684.

 

Ref.Soyaoil on NCDEX settled up by 0.9% at 676.15 tracking firmness in spot demand amid strong festive demand.

India's edible oil imports extended gain for the fifth straight trading month on lower prices in global market, said the Solvent Extractors Association (SEA) of India showed in its monthly oil import data.

India's edible oil imports during August climbed by 7025% to 1.33 million tons as compared to 1.24 million tons in August 2016. Edible oil imports during Nov-Aug oil year also jumped by 3.32% to 12.43 million tons compared to 12.03 million tons in the same period a year ago.

However, India's soyoil imports during August slipped 13.22% to 289,746 tons compared to 333,599 tons for the same period a year ago, data showed.

United States Department of Agriculture (USDA) in its September estimate decreased India’s 2017/18 imports estimate of soy oil by 0.1 MMT to 4.1 MMT from 4.2 MMT in its previous estimate.

Domestic consumption in September estimate is reduced 0.1 MMT to 5.65 MMT from 5.75 MMT in its earlier estimate. Lower imports of soy oil are due to increase in import duty on edible oils. India’s oilmeal exports are seen on a revival path.

According to data released by the Solvent Extractors Association of India (SEA), there was a 78 per cent jump in the overall exports of oilmeals during the April-August period at 8,64,818 tonnes against 4,85,220 tonnes in the same period last year. At the Indore spot market in Madhya Pradesh, soyoil was steady at 663.65 Rupees per 10 kgs.

Trading Ideas:

--Ref.Soya oil trading range for the day is 666-684.

--Ref soyoil prices ended with gains tracking firmness in spot demand amid strong festive demand.

--India's edible oil imports extended gain for the fifth straight trading month on lower prices in global market, said the SEA.

-USDA i-n its September estimate decreased India’s 2017/18 imports estimate of soy oil by 0.1 MMT to 4.1 MMT from 4.2 MMT in its previous estimate.

-- At the Indore spot market in Madhya Pradesh, soyoil was steady at 663.65 Rupees per 10 kgs.

Courtesy: Kedia Commodities

Commodity Arrivals Rate
Mustard Oil 250 9200.00
Coconut Oil 0.1 17100.00
Arecanut 23 22500.00
Sugar NR 4670.00

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