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Weekly Edible Oil Outlook: Mustard seen up on firm buys from millers

Informist, Wednesday, Apr 7, 2021

 

By Kaushal Verma

 

NEW DELHI – Futures contracts of all components of the edible oil basket are seen rising over the next five to six sessions.

 

* SOYBEAN contracts on the National Commodity and Derivatives Exchange may edge higher due to lower arrivals in physical markets and firm demand from crushing plants, analysts said.

 

* But, the gains would be restricted due to waning demand for soymeal from the livestock sector in domestic markets, traders said.

 

* REFINED SOYOIL contracts on NCDEX and CRUDE PALM OIL contracts on the Multi Commodity Exchange of India may tick higher because of lower imports, and as they track gains in the world markets, dealers said. 

 

* Higher palm oil exports from Malaysia, the second-largest producer, may lift prices on Bursa Malaysia Derivatives, analysts said. 

 

* Back home, the rise may be limited due to reports that the government is planning to cut edible oil import duty to cool off prices, a Mumbai-based analyst said.

 

* MUSTARD contracts on NCDEX are likely to tick higher due to strong demand from crushing plants, said analysts.

 

* The following table details the support and resistance levels for the upcoming five to six sessions, and prices of the contracts as of 1550 IST:

 

CONTRACT

UNIT 
(in kg)

EXCHANGE 

SUPPORT
(in rupees)

RESISTANCE
(in rupees)

PRICE
(in rupees)

Soybean May

100

NCDEX

5,8406,8206,347

Soyoil Apr

10

NCDEX

1,260

1,3801,324

CPO Apr

10

MCX

1,0601,2201,144

Mustard May

100

NCDEX

5,7406,4206,123

 

 

 

 

 

 

 

 

End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Patricia Hou

 

Cogencis news is now Informist. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

 

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