Ref Soya Oil on NCDEX settled up by 0.84% at 670.8 amid pickup in demand for edible oil in domestic market. The surge in price indicates the expectation of physical demand in coming weeks coupled as government might try to increase import tax on refine edible oil. For second half of September government decreases the tariff value of crude soy oil compared to previous fortnight. Tariff value of crude soyoil cut by $31 per tonnes to $817.
At the Indore spot market in Madhya Pradesh, soyoil was steady at 661.45 rupees per 10 kgs. Technically market is under short covering as market has witnessed drop in open interest by -1.02% to settled at 64220 while prices up 5.6 rupee, now Ref Soya Oil is getting support at 665 and below same could see a test of 659 level, and resistance is now likely to be seen at 674, a move above could see prices testing 677.
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