Login ID:
Password:
Partner Login
Contact Us : 07666977977

India Edible Oil Futures Down On Selling Pressure

5 Jan 2017 11:12 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (commoditiescontrol) - India crude palm oil and refined soy oil futures was dropped in the early trade on Thursday mainly on strong rupee.

Cues from global market was somewhat positive with positive U.S soy oil market during early Asian trade after 1.15 percent rise on previous session.

Prices were largely supported on reports of Argentine crops under pressure after floods led by heavy rains is affecting sowing areas.

Malaysian palm oil futures closed almost flat as ringgit turned strong after hitting 18-year low on previous session.

Despite positive sentiment from global market, edible oil prices at local bourses were trading down as local currency Rupee was trading 0.13 percent strong and most of the positive trend was factor on previous session.

Crude palm oil most active January delivery futures on the Multi Commodity Exchange (MCX) was down 0.27 percent or Rs 1.5 at Rs 585.3/10kg against previous close of Rs 586.8. Forward February contract was lower 0.29 percent at Rs 573.9 against Rs 575.6 on previous session.

Refined soy oil January contract on NCDEX was down 0.16 percent or Rs 1.2 at Rs 728.7/10kg against previous close of Rs 729.9 while forward February contract edged lower at Rs 718 against Rs 718.8 on Wednesday.

According to CC analyst, crude Palm Oil (CPO) January contract trend is up with resistance is placed at Rs 591-601 and support is seen at Rs 580-570. Refined soy oil February contract trend is up with resistance is seen at Rs 723-732 wihle support is placed at 713-704.

(By Commoditiescontrol Bureau; +91-22-40015516)


       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Top | Post Comment  

Latest Market Commentary
CBOT Soybean Futures Edge Higher On A Technical Pull Ba...
DJ Canola Solidifies Position Above C$500 -- ICE Canada...
DJ MGEX Grains Close - Aug 18
DJ USDA Minnesota/North Dakota Daily Oilseed Prices - A...
DJ CBOT Grains/Oilseeds Settlements - Aug 18
more
Top 5 News
Spot Wheat Prices Down In Madhya Pradesh
DJ Can EM Tech Euphoria Last? -- Barron's
World Sugar Supply Surplus Seen Growing In 2017-18
Urad & Matar Ends Lower In Mumbai; Tur Recovers
Wheat Mill Delivery/Bilty Rates Nearly Flat
Top 5 Special Reports
Weekly: Spot RBD Palmolein To Trade Higher Amid Festive...
Cotton Weekly: Bears Were The Winners During The Week(A...
Weekly: Pulses Down Amid Subdued Buying, Monsoon Reviva...
Weekly: Guarseed Trend Depends Heavily On Weather Condi...
Technical: Turmeric Nizamabad- Trend Line Breakout Coul...
Copyright © CC Commodity Info Services LLP. All rights reserved.