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Weekly Edible Oil Outlook: Soy seen higher on low stock, global cues

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:

 

CONTRACT

UNIT 
(in kg)

EXCHANGE 

SUPPORT
(in rupees)

RESISTANCE
(in rupees)

PRICE
(in rupees)

Soybean May

100

NCDEX

6,8708,0007,741

Soyoil May

10

NCDEX

1,3501,4501,433

CPO Apr

10

MCX

1,1501,2331,222

Mustard May

100

NCDEX

6,8007,6007,379

 

 

 

 

 

 

 

 

End

 

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

 

Edited by Subham Mitra

 

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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