Informist, Thursday, Apr 22, 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 scarcity of stocks in the physical markets and tracking gains in bellwether contracts on the Chicago Board of Trade, SMC Global Securities Senior Research Analyst Subhranil Dey said. 

* Prices are seen lingering in the bullish territory on the American bourse as the cold weather is taking a toll on soybean sowing in the US, one of the leading growers, Dey said. 

* REFINED SOYOIL on NCDEX and CRUDE PALM OIL contracts on the Multi Commodity Exchange of India may rise due to the lower stock in domestic markets and tracking international markets, Kotak Securities analyst Mohit Vyas said.

* Crude palm oil prices on the Bursa Malaysia Derivatives may rise due to growing demand from traditional buyers during Ramadan, analysts said. 

* MUSTARD contracts on NCDEX could rise on strong demand from oil millers amid shrinking arrivals in spot markets, said analysts. Arrivals are waning due to lockdowns in key growing regions.

* The following table details the support and resistance levels for the upcoming five to six sessions, and prices of the contracts as of 1208 IST:

End

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

Edited by Subham Mitra

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