Ref Soyaoil yesterday traded with the positive node and settled 0.67% up at 663.45 tracking firmer overseas markets, but traders are cautious due to worries on weak global economics. China Soy oil imports rose 72% on year to 259,364 metric tons, while palm oil imports were up 11% on year to 511,794 tons as per the customs data. Palm oil imports were up 11% on year to 511,794 tons which is positive news for edible oil prices to rally. Lower palm oil production during August due to absence of agricultural laborers is also positive for Indian soy oil prices. Concerns of intensifying dry weather conditions in U. S is resulting in lowering estimations of soybean crop across U. S. Possible global tight supply situation in oils for the next oil year might lend support to prices. At the Indore spot market soyoil edged up by 1.3 rupee to 667.05 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 659.7 after opening at 659.95, and finally settled at 663.45. For today's session market is looking to take support at 660.5, a break below could see a test of 657.5 and where as resistance is now likely to be seen at 665.7, a move above could see prices testing 667.9.
Ref soyaoil trading range is 657.5-667.9.
Ref Soyaoil yesterday traded with the positive node tracking firmer overseas markets
China Soy oil imports rose 72% on year to 259,364 metric tons
Ref soyoil looks to take support at 660.50 and resistance at 665.70.
At the Indore spot market soyoil edged up by 1.3 rupee to 667.05 rupees 10 kgs.
- Essar Oil to sign $1 billion financing co-operation deal with CDB
- ONGC may sell stakes in deep-water blocks to Shell
- Huge scope for improving Indian shale gas estimates: ONGC
- HPCL Visakha refinery suffers major fire due to short circuit
- No refills for multiple cooking gas connection holders from June 1