Ref.Soya oil on NCDEX settled up 0.15% at 733.65 on demand hope and on lower stockpiles. Prices also seen supported tracking international prices and increase in tariff values by the government. The government raised the base import price of all edible oils by $4-$62 per tn, the Central Board of Excise and Customs said in a notification. The steepest hike, of $62 a tn, was in the case of crude palmolein, and refined, bleached and deodorised palmolein, base import prices of which were raised to $809 a tn and $812 a tn, respectively. The hike was the least in the case of crude soyoil, the base import price for which was raised by $4 a tn to $870 per tn. Base import prices of edible oils are revised every fortnight based on their movement in the international market, as well as changes in the foreign exchange rate. As per SEA data, India October crude soyoil import 277,878 tonnes, lower by 31 % compared to 405,186 tonnes year ago while, India’s 2015/16 crude soyoil import 4.23 mt vs 2.99 mt – an increase of 41% y/y for the current oil year (Nov-Oct). U.S. soyoil stocks at the end of October were seen at 1.709 billion lbs, based on an average of estimates. The soyoil estimates ranged from 1.678 billion to 1.750 billion lbs. Technically market is under fresh buying as market has witnessed gain in open interest by 1.86% to settled at 55770 while prices up 1.1 rupee, now Ref.Soya oil is getting support at 732 and below same could see a test of 730 level, And resistance is now likely to be seen at 737, a move above could see prices testing 740.

Trading Ideas:

Ref.Soya oil trading range for the day is 729-741.

Ref soyoil prices ended with gains on demand hope and on lower stockpiles.

Prices also seen supported tracking international prices and increase in tariff values by the government.

As per SEA data, India October crude soyoil import 277,878 tonnes, lower by 31 % compared to 405,186 tonnes year ago.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 732.45 rupees per 10 kgs.