Ref Soy oil moves up on rising demand support 723.8

Last Updated : June 19, 2012 11:40

Ref Soyoil trading range for the day is 719.3-733.2. Market is looking to take support at 723.8, a break below could see a test of 719.3 and resistance is now likely to be seen at 730.7, a move above could see prices testing 733.2. At the Indore spot market Soyoil edged up by 1.65 rupee to 717.55 rupees 10 kgs. In yesterday's trading session Ref Soyoil has touched the low of 721.8 after opening at 722.5, and finally settled at 728.2.

Ref Soyoil yesterday traded with the positive node and settled 1.34% up at 728.2 on the back of bullish global cues amid bullish news from the domestic market. As per latest data compiled by Solvent Extractors Association of India , the import data of Vegetable oils (edible & non-edible) during May 2012 is reported at 8.96 lakh tonnes compared to 6.64 lakh tonnes in the last year same period.

Soy oil prices have moved up in the last trading session. July future soy oil prices were higher at Rs.728.2 up by 1.34%. Likewise, CBOT July futures ended higher at 49.64 levels up by 145%. The ease in Eurozone crisis has influenced a positive tone in Edible oil prices both in Indian and international markets.

With inputs from Kedia Commodities and Angel Commodities.

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NCDEX PEPPERMALABARGARBLEJUN12 20 June 2012 contract was trading at Rs 0 . What's your view on it?

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