Ref.Soya Oil On NCDEX Settled Down -0.1% At 758.65

Ref.Soya oil on NCDEX settled down -0.1% at 758.65 as pressure seen due to higher stock levels in the country and reduce base import prices. For the first fortnight of July, the base import price of crude soyoil has been cut to $750 per tn from $752 per tn by the govt. As per SEA monthly report, country' edible oil stock (in ports and pipeline) is at highest level ever at 26.6 lt putting pressure on domestic prices of edible oils.

India's vegetable oil imports declined 7% on year to 1.3 mln tn in May, according to data released by the Solvent Extractors' Association of India. However, for Nov-May, imports of vegetable oils were at 8.6 mln tn, up 1% from the year-ago period. Edible oil imports in May were at 1.2 mln tn, down from 1.3 mln tn from a year ago. For Nov-May, edible oil imports were at 8.4 mln tn, compared with 8.3 mln tn in the year-ago period, the data showed.

In May, for the first time, import of soft oils--soyabean, sunflower and canola--was higher than palm oil, where the share of soft oils was at 60%, the report said. The rise in the imports of soft oil was primarily due to expectation of a rise in import duty. Technically market is under fresh selling as market has witnessed gain in open interest by 0.3% to settled at 33760 while prices down -0.75 rupees, now Ref.Soya oil is getting support at 756 and below same could see a test of 754 level, And resistance is now likely to be seen at 761, a move above could see prices testing 764.       

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