Commodity Trading Tips for Ref. Soyaoil by Kedia Commodity
Commodity Trading Tips for Ref. Soyaoil by Kedia Commodity

Ref. Soya oil on NCDEX settled down -0.19% at 622.05 tracking weakness spot demand despite of lower arrivals in local mandis and on hope of improvement in demand. India's edible oil imports fell a little over 7% on year to 1.10 mln tn in March, according to data from Solvent Extractors' Association of India. In March, overall imports of vegetable oils--comprising edible and non-edible oils--were at 1.11 mln tn compared with 1.19 mln tn a year ago. During Nov-Mar, the country imported 5.7 mln tn of edible oils, down from 6.3 mln tn a year ago. Total imports have declined this year because of a larger crop of oilseeds and consequent higher availability of edible oils, SEA said in a report. A slowdown in consumption growth has also kept imports under check. Vegetable oil imports in Nov-Mar were at 5.8 mln tn, down from 6.3 mln tn a year ago, the report said. A monthly report showed that U. S. processors crushed fewer soybeans than expected during March. The National Oilseed Processors Association said its members crushed 153.060 million bushels during March, up from 142.792 million bushels in February. But a year ago, the March crush totalled 156.690 million bushels. Argentina's soybean output estimate has been cut by 1.8% to 55 million tons from 56 million tons due to recent flooding due to heavy rainfall. Technically market is under long liquidation as market has witnessed drop in open interest by -2.22% to settled at 49220 while prices down -1.2 rupees, now Ref. Soya oil is getting support at 621 and below same could see a test of 620 level, And resistance is now likely to be seen at 624, a move above could see prices testing 626.

Trading Ideas:

Ref. Soya oil trading range for the day is 619-627.

Ref soyoil prices ended with losses tracking weakness spot demand despite of lower arrivals in local mandis and on hope of improvement in demand.

India's edible oil imports fell a little over 7% on year to 1.10 mln tn in March, according to data from SEA.

NOPA said its members crushed 153.060 million bushels during March, up from 142.792 million bushels in February.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 625 Rupees per 10 kgs.




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