Ref.Soyaoil On NCDEX Settled Down By -0.93% At 619.55


Ref.Soyaoil on NCDEX settled down by -0.93% at 619.55 tracking weakness in spot demand tracking reports of high stocks in the domestic market. As per SEA data, soy oil imports for March down more that 28.5% Y/Y to 2.3 lt and down 8.7 m/m. Meanwhile, government lowered for the fifth consecutive fortnight, the base import price of crude soyoil by $14 to $770 per tonnes for second half of April. 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. 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.

At the Indore spot market in Madhya Pradesh, soyoil was steady at 630 Rupees per 10 kgs.Technically market is under long liquidation as market has witnessed drop in open interest by -0.59% to settled at 55360 while prices down -5.8 rupees, now Ref.Soya oil is getting support at 616 and below same could see a test of 614 level, And resistance is now likely to be seen at 622, a move above could see prices testing 626. 
 
 
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