Tuesday 7 June 2016

Ref Soya Oil likely to trade 657-665 range, support at 659

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Ref.Soyaoil on NCDEX settled flat taking cues from edible oil complexes on robust demand in domestic market ahead of festive season and on supply worries from world's biggest supply of oil. India's soyoil imports rallied 86.35% to 348,195 tons in April compared to 186,849 tons for the same period a year ago, data release from the Solvent Extractors Association (SEA) of India showed.

Soy oil again registered robust imports of 3.48 lakh tons in April compared to 1.89 lakh tons of imports in April 2015, higher by 84 percent y-o-y. At the Indore spot market in Madhya Pradesh, soyoil was steady at 640 rupees per 10 kgs. Technically now Ref.Soya oil is getting support at 659 and below same could see a test of 657 level, and resistance is now likely to be seen at 663, a move above could see prices testing 665.


                        


2 comments:

  1. Very good post has been given related to the agri commodity market and Epic Research also updates regular market news along with Stock Futures Tips.

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