Ref Soya Oil Trading Range For The Day Is 767-777.

On NCDEX settled down -0.47% at 772.75 amid good stocks with the traders and sufficient availability of oilseeds in the country. The government has slashed the base import prices of crude soyoil for the second consecutive fortnight by $31 per tn to $769 per tonnes. Based on global prices and fluctuation in foreign exchange rates, the government revises base import prices every fortnight, it was last revised on 15th May. As per the data from SEA, crude soyoil imports during the April dropped 13% to 264,750 tons compared to 304,942 tons in the same period a year ago. Stocks of edible oil in ports and pipeline are estimated at 2.34 mt as on May 1 compared to 2.12 mt a year ago while higher than 2.1112 mt in April.

The stock of soyoil at various ports is estimated at 140,000 tons compared to 80,000 tons in previous month, data released by Solvent Extractors' Association of India showed. Further, increased stockpiles in the United States also kept soyoil down. The National Oilseed Processors Association (NOPA) members, which handle about 95% of all soybeans processed in the United States, crushed 161.016 million bushels of soybeans last month well above last year April's 139.134 million bushels, the group said. India's vegetable oil imports increased 3.5% on year to 1.39 mln tn in April, according to data released by the Solvent Extractors' Association of India. Technically market is under fresh selling as market has witnessed gain in open interest by 11.51% to settled at 30620 while prices down -3.65 rupees, now Ref.Soya oil is getting support at 770 and below same could see a test of 768 level, And resistance is now likely to be seen at 775, a move above could see prices testing 778.

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