Commodity Trading Tips for Ref Soya oil by KediaCommodity
Ref. Soya oil settled up 0.9% at 696.9 tracking firmness in spot demand thin supplies due to a drop in production. India's soybean production in 2013/14 could fall by nearly 14 percent from a year ago to 9.5 million tonnes due to crop damage. India's vegetable oils (edible & non-edible) imports reported at 944,309 tons during November this year compared to 700,371 tons in the same month last year, consisting of 927,111 tons of edible oils and 17,198 tons on non-edible oils, the latest data from the Solvent Extractors Association of India showed. Iran's oilmeal imports from India reached 789,031 tons during April-November period this year, rose 70.90% compared to 461,687 tons imported in the same period last year, according to the data from the Solvent Extractors' Association of India. The country's oilmeal imports consisting of 315,168 tons of rapeseed meal, 346,797 tons of castor meal and 41,247 tons of soybean meal. India's soy meal exports jumped to 182,724 tons in October as against 49,840 tons last year. Total Oil meal exports stood at 368,317 tons in October, according to the data released by the Solvent Extractors' Association of India. As per the latest release from COOIT, the total soyabean production for the current year is estimated at 102.30 lakh tonnes, down 4.3% from the last year. At the Indore spot market in Madhya Pradesh, soyoil was steady at 691.95 rupees per 10 kgs. Technically market is under short covering as market has witnessed drop in open interest by -4.36% to settled at 96020 while prices up 6.2 rupee, now Ref. Soya oil is getting support at 693 and below same could see a test of 689 level, And resistance is now likely to be seen at 699, a move above could see prices testing 701.
Trading Ideas:
Ref. Soya oil trading range for the day is 689-701.
Ref soyoil ended with gains tracking firmness in spot demand thin supplies due to a drop in production.
India's vegetable oils imports reported at 944,309 tons during November this year compared to 700,371 tons in the same month last year
India's soybean production in 2013/14 could fall by nearly 14 percent from a year ago to 9.5 million tonnes due to crop damage
At the Indore spot market in Madhya Pradesh, soyoil was steady at 691.95 rupees per 10 kgs.