Monday 29 June 2015

Refined soya oil down 0.4%, profit booking weighs

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Amid profit-booking by speculators at prevailing levels and fall in domestic demand, refined soya oil prices were down 0.36 per cent to Rs 574.40 per 10 kg in futures trade today.
In addition, adequate stock position in the physical market on higher supplies from producing belts put pressure on refined soya oil prices.
In future trading at National Commodity and Derivatives Exchange, refined soya oil for delivery in October fell Rs 2.05, or 0.36 per cent, to Rs 574.40 per 10 kg with an open interest of 47,840 lots.
Similarly, the oil for delivery in August contracts shed Rs 1.90, or 0.32 per cent, to Rs 584.45 per 10 kg in 2,27,200 lots.
Technically market is under long liquidation as market has witnessed drop in open interest by -3.2% to settled at 226635 while prices down -1.6 rupee, now Ref.Soya oil is getting support at 584 and below same could see a test of 582 level, and resistance is now likely to be seen at 589, a move above could see prices testing 592.

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