Ref Soyoil Settled Flat

 
Ref soyoil settled flat as government have not taken any decision on edible oil duty hike. Prices have seen some recovery last week due to increase in base import prices and reports of duty hike. Government increases the tariff value for crude soyoil for the first half of May by $18 to $811 per tonne.

This is second increase in base import price in a month. As per SEA, the stock of edible oils as on 1st May, 2017 increased to 21.2 lt from 19.1 lt in Apr., 2017 while Import of soy oils during April 2017 is reported at 3.04 lt compared to 3.50 lt in April 2016 - down by 12.4% however, the imports increase 32% m-o-m. Sowing of oilseeds in the kharif season in the country was up 43.2% on year at 79,400 ha as on now, data released by the farm ministry showed.

Kharif oilseeds sowing has commenced in Karnataka, Assam, Arunachal Pradesh, Tamil Nadu, and Odisha, the report said. India's oilseeds industry body has cut its soymeal export forecast by 25% from its previous outlook on appreciating rupee and a correction in global prices make Indian supplies uncompetitive.

India may export 1.5 million tons of soymeal during the 2016-17 marketing year (Oct-Sep) lower from 2 million tons expected in the beginning of the season. Technically market is under fresh buying as market has witnessed gain in open interest by 2.89% to settled at 52250, now Ref.Soya oil is getting support at 629 and below same could see a test of 625 level, And resistance is now likely to be seen at 636, a move above could see prices testing 639.
 
 
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