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Technically Ref. Soya Oil market is under long liquidation as market has witnessed drop in open interest by 11.05% to settled at 13040 while prices down 3.1 rupees.

Now NCDEX Ref. Soya Oil is getting support at 869 and below same could see a test of 864 levels, and resistance is now likely to be seen at 878, a move above could see prices testing 882.

Ref. Soya Oil yesterday settled down by 0.35% at 874.5 amid profit booking after update Soybean oil imports in July are estimated to have increased. Soybean oil imports in July are estimated to have increased to 484,000 tons from 331,264 tons a month earlier.

India’s imports of edible oil in June were up 8% year on year to 1.162 million mt according to data from the Solvent Extractor’s Association of India, due to the refilling of depleted stocks.

Register Now Crude palm oil and crude palm kernel oil imports increased 30% year on year to 559,932 mt in June, while soybean oil imports increased 49% to 331,264 mt and sunflower oil imports rose 66% to 261,128 mt.

RBD palmolein imports fell 99% to 3,000 mt as imports have been reduced since the product was placed on a restricted list in January.

Imports of crude palm oil, crude palm kernel oil, RBD palmolein, soybean oil, sunflower oil and rapeseed oil since the start of India’s 2019/20 marketing year in November were 15% lower year on year at 8.052 million mt, due to lower RBD palmolein imports and the COVID-19 lockdown in India.

Total stocks of edible oils at Indian ports or in pipeline stood at 915,000 mt as of May 1, a 26% drop month on month and 61% lower than a year earlier.

Trading Ideas:
–Ref. Soya Oil trading range for the day is 864-882.
–Ref. Soya Oil ended with losses amid profit booking after update Soybean oil imports in July are estimated to have increased.
–Soybean oil imports in July are estimated to have increased to 484,000 tons from 331,264 tons a month earlier.
–India’s imports of edible oil in June were up 8% year on year to 1.162 million mt according to data from the Solvent Extractor’s Association of India
–At the Indore spot market in Madhya Pradesh, soyoil was steady at 872.75 Rupees per 10 kgs.

Courtesy: Kedia Commodities

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