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Support seen at 726 for NCDEX Ref Soy Oil
Commodity Online | November 22 2017
UPDATED 11:03:46 IST

MCX Nickel under short covering; Resistance seen at 723.3

Zinc likely to trade in a range between 201.2-207 levels

MCX Cotton under short covering

Fresh buying seen in MCX Cardamom; Resistance seen at 1086

Fresh selling seen in NCDEX Jeera ; Support seen at 21240

Technically now Ref.Soya oil is getting support at 726 and below same could see a test of 718 level, And resistance is now likely to be seen at 745, a move above could see prices testing 756.

Ref.Soyaoil on NCDEX settled up by 1.01% at 733.65 as the government raised the duty of the crude soy oil to 30% from 17.5% to support domestic oilseed industry and farmers.

For the second half of November, government raised the base import price of all edible oils, with the steepest increase of $23 per tn in crude soyoil.

The government has also increased the duty on soybean to 45% from 30%. As per latest SEA import report, Soybean oil imports slumped 21% to 220,200 tons in October from a year earlier while imports dropped during the oil year ended Oct. 31 by 22% to 3.32 mt.

NOPA said that its members crushed 164.242 million bushels of soybeans in October, up from 136.419 million bushels in September whereas it was recorded 164.641 million bushels for corresponding month in last year.

The Soybean Processors Association is planning to make representation to the Food Secretary in next week to hike import duty on edible oils, especially soybean oil with the objective of supporting farmer's income, sources said.

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. At the Indore spot market in Madhya Pradesh, soyoil was steady at 722.1 Rupees per 10 kgs.

Trading Ideas:

--Ref.Soya oil trading range for the day is 718-756.

--Ref soyoil ended with gains as the government raised the duty of the crude soy oil to 30%.

--For the second half of November, government raised the base import price of all edible oils, with the steepest increase of $23 per tn in crude soyoil.

--Soybean oil imports slumped 21% to 220,200 tons in October from a year earlier while imports dropped during the oil year ended Oct. 31 by 22%.

--At the Indore spot market in Madhya Pradesh, soyoil was steady at 722.1 Rupees per 10 kgs

Courtesy: Kedia Commodities

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