Ref Soyaoil yesterday traded with the positive node and settled 1.86% up at 706.05 crossing 700 mark as the drop in the rabi oilseeds acreage and a firm undertone in local demand pushed up the prices. There has been a very good bounce in edible oils futures on weak sowing progress and strong global cues. As per Solvent Extractors Association of India, India imported 827,684 tonnes of vegetable oils in the first month of oil marketing year (November to October), up 27 percent from 652,262 tonnes a year ago. Marker share of palm oil imports was about 90% of total vegetable oil imports. However, soybean oil?s share was less than 1% and rest was sunflower oil. India imports palm oil from Indonesia and Malaysia and a small quantity of soy oil from Argentina and Brazil. At the Indore spot market soyoil edged up by 6.05 rupee to 701.65 rupees 10 kgs. In yesterday's trading session Ref Soyaoil has touched the low of 690 after opening at 693.1, and finally settled at 706.05. For today's session market is looking to take support at 694.6, a break below could see a test of 683.2 and where as resistance is now likely to be seen at 712.9, a move above could see prices testing 719.8.
Trading Ideas:
Ref soyaoil trading range is 683.2-719.8.
Refined soy oil crossed 700 mark due to drop in rabi oilseeds acreage and firm undertone in local demand
India imported 827,684 tonnes of vegetable oils in the first month of oil marketing year
Ref soyoil looks to take support at 694.60 and resistance at 712.90 level.
At the Indore spot market soyoil edged up by 6.05 rupee to 701.65 rupees 10 kgs.
Source: http://www.topnews.in/commodity-trading-tips-ref-soya-oil-kediacommodity-2350079
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