2009-10-21 12:28:13
Refined Soybean Oil (November contract) futures closed lower on account of huge stock of imported edible oils and lower demand at retail ends.
Import of vegetable Oils during the month of September 2009 has set a new record at 8.65 lakh tonnes, up by 39% as compared to 6.23 lakh tonnes for September 2008.
Overall import of vegetable oil during the November 2008 to September2009 was 75.70 lakh tonnes, up by 57% from 48.22 lakh tonnes for the same period of last year.
The benchmark November contract on NBOT Exchange (Indore), Ref Soy oil futures closed lower Rs 5.60 at Rs 438.40/10 Kg on Tuesday, from its high of the day (444.60) and touched a low of MYR 437.20/10 kg.
Technical Analysis
Ref Soy Oil Prices (NCDEX November Contract) closed lower at 443.60 per 10 Kg on Tuesday; its high of the day was 446.75 levels and touched a low 437.50 level.
Prices closed above its 10 days and below its 20 days EMA. 14-Days RSI is at 52.56.
Outlook
Refined soy oil futures are expected to trade lower on account of strong INR against US Dollar, which is in favour of importers of edible oils. Huge stock of imported edible oil in first 10 months of current oil marketing year as compared to last year during the same period and decision of continue to import of crude edible oil at 0% also in favor of bears in the market.
Courtesy: Angel Commodities
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