A moderate respite has been witnessed for the NCDEX Refined Soy oil futures today, after prices succumbed to fresh contract lows yesterday. The commodity has been unable to move up even as the rabi sowing acreage continues to show a drop in the area under oilseeds and traders have been eying the comfortable level of domestic stocks and rampant imports.
India's vegetable oil imports in December rose 5.6 percent from a year earlier as the weakest monsoon rains in 37 years hit the domestic oilseed crop, a leading trading body said on Thursday.
Vegetable oil imports in December were at 787,423 tonnes, including 761,835 tonnes of edible oils, against 745,563 tonnes a year earlier. Vegetable oil imports by India, the world's second-biggest buyer, were at 1.5 million tonnes in the first two months of the oil year that began in November, up from 1.3 million tonnes a year earlier.
The undertone in the Malaysian CPO futures, to say the least, has been bearish to mixed and even as prices timidly consolidate around MYR 2400 per tonne mark, unless crude gets back above $80 soon, the CPO futures are unlikely to soar.
NCDEX Refined Soy oil futures for March fell to a fresh contract low of Rs 443.75 per 10 kg and hit a high of Rs 453.25 per 10 kg today, with prices moving up after breaking above Rs 450 barrier. Watch out for further gains and intraday buying is recommended with a test of Rs 555.80 possible.
No comments:
Post a Comment