Fresh Selling Seen In Ref Soya Oil, Down At 660.25

Ref Soya oil on NCDEX settled down -0.32% at 660.25 due to profit booking tracking weakness in the international market. However, there is an anticipation of high demand from stockists as imports become expensive due to increase in world edible oil prices. As per latest SEA data, during Nov-Feb period of the current 2015-16 oil year, the import of vegetable oils (comprising edible and nonedible oils) increased by 19% to 51,25,017 tonnes as compared to 42,95,443 tonnes in the corresponding period of the previous year. 

Moreover, Import of vegetable oils during Feb 2016 is reported at 11,10,916 tonnes compared to 868,167 tonnes last Feb. Expecting damage for rabi oilseed due to unseasonal rains is keeping prices higher. Oilmeals export dropped 52 per cent to 1.18 million tonnes (mt) in 2015-16, against 2.46 mt the previous year, due to a sharp fall in soyabean shipments, the Solvent Extractors' Association (SEA) said. Exports to South Korea, Thailand, Indonesia, Taiwan, Iran, Vietnam, Myanmar and Cambodia drastically reduced in 2015-16 due to price disparity, owing to severe competition from other origins, including China and Argentina. 

India lost the Vietnam market for soyabean meal due to stiff competition and increased availability from domestic crushing of imported soyabean, the SEA statement said.Iran has shifted soyabean meal buying from India to other countries, while Bangladesh has moved to import of soyabean for domestic crushing. Technically market is under fresh selling as market has witnessed gain in open interest by 0.83% to settled at 83710 while prices down -2.15 rupee, now Ref.Soya oil is getting support at 658 and below same could see a test of 656 level, and resistance is now likely to be seen at 663, a move above could see prices testing 666.

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