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India Edible Oil Futures Down On Profit Booking

6 Jan 2017 10:37 am
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MUMBAI (commoditiescontrol) - India crude palm oil and refined soy oil futures was down during early trade on Friday amid dismal cues and profit booking.

U.S soy oil futures was mostly flat during Asian hours after marginal gain on previous session.

Malaysian palm oil futures fell 0.8 percent during mid-day close on strong ringgit coupled with worry about demand at higher level.

The local currency rupee was weak 0.22 percent provided cushion to palm oil.

In domestic markets, crude palm oil and refined soy oil witnessed profit booking on weak sentiment coupled with concern about demand at higher level.

Crude palm oil most active January contract on the Multi Commodity Exchange (MCX) was down 0.58 percent or Rs 3.7 at Rs 580.2/10kg against previous closing of Rs 583.9 Forward February contract was lower 0.64 percent at Rs 569 against Rs 572.7 on previous session.

Refined soy oil January contract on NCDEX was lower 0.22 percent or Rs 1.6 at Rs 726.8/10kg against previous closing of Rs 728.4 while forward February contract was trading down 0.12 percent or Rs 0.9 at Rs 716.4 against previous closing of Rs 717.3

According to CC analyst, crude Palm Oil (CPO) January contract trend is up with resistance is placed at Rs 587-592 and support is seen at Rs 581-576

Refined soy oil February contract trend is up with resistance is seen at Rs 720-724 wihle support is placed at 715-711

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

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