Login ID:
Partner Login
Contact Us : 07666977977

India Edible Oil Futures Rise On Strong Global Cues

9 Jan 2017 10:19 am
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 

MUMBAI (commoditiescontrol) - India crude palm oil and refined soy oil futures rose on Monday supported by strong global cues.

U.S soy oil futures gained 0.25 percent during early Asian trade on concern about Argentina soybean crop due to erratic weather, which may disrupt supply.

Malaysian palm oil futures at mid-day close was 1.1 percent higher largely supported by weakness in ringgit coupled with reports of low production, due to subsidizing last year El-Nino dry weather impact.

In addition to it, rupee was lower 0.16 percent which also helped domestic market sentiment. The local currency has been showing weakness as improving U.S economy raised hopes for more interest rate cut in 2017.

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 up 0.7 percent or Rs 4.1 at Rs 585.5/10kg against previous closing of Rs 581.4 Forward February contract was higher 0.77 percent at Rs 576.5 against Rs 572.1 on previous session.

Refined soy oil February contract on NCDEX was higher 0.25 percent or Rs 1.8 at Rs 717.75/10kg against previous closing of Rs 715.95 while current January contract was trading up 0.13 percent or Rs 0.95 at Rs 727 against previous closing of Rs 726.05

According to CC analyst, crude Palm Oil (CPO) January contract trend is up with resistance is placed at Rs 584-589 and support is seen at Rs 578-573

Refined soy oil February contract trend is down with support is placed at 712-704 while resistance is seen at 720-728

(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

   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
India Oilseed Futures Extend Losses On Subdued Demand
DJ U.S. Grain: Soymeal and Crude Soyoil Basis Offers - ...
Spot Cotton Oil Cake Steady On Limited Demand
DJ U.S. Grain: Soybean AM Gulf Barge Basis - Mar 20
DJ U.S. Grain: Soybean Basis Bids - Mar 20
Top 5 News
*DJ Glencore to Use Proceeds for Corporate Purposes, Pu...
DJ Grain, Soybean Futures Mixed Overnight -- Market Tal...
*DJ Glencore PLC Issues $500M In Convertible Bonds Due ...
DJ ICE Agricultural Final Open Interest
DJ Goldman Sees More Gains for Freeport Shares -- Marke...
Top 5 Special Reports
Technical: Wheat Delhi Spot: Expect consolidation At Lo...
Spot Turmeric Prices Moves Up On Lower Arrivals
Technical : Jeera Unjha Spot : Expect Slide Towards 140...
Technical : Dhaniya Kota Spot : Breakout Above 5700 Is ...
India Sugar Production Up 47% Y/Y At 258.06LT - ISMA
Copyright © CC Commodity Info Services LLP. All rights reserved.