Login ID:
Password:
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)


N       
  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
DJ ICE Futures Canada Grains Volume And Open Interest -...
DJ ICE Canola Rises on Canadian Dollar Weakness
Spot Cotton Oil Cake Rises On Improved Demand
Spot RBD Palmolein Rises On Tight Selling
Indian Soybean & Mustard Futures End Down
more
Top 5 News
DJ ICE-EU Coffee Gradings, Tenders - Oct 23
DJ Nymex/Comex Globex Metals Futures Hourly Price Updat...
DJ Handy And Harman Gold Prices - Oct 23
DJ ICE Futures Canada Grains Volume And Open Interest -...
DJ ICE Canola Rises on Canadian Dollar Weakness
Top 5 Special Reports
Technical: Dhaniya Kota Spot: Down Trend/Bear Market Co...
Technical: Jeera Unjha Spot : Correction Movement Likel...
India 2016-17 (Oct-Sept) Y/Y Cotton Shipment Up 5%
Technical: Chana Indore Spot : Expect Lower Range To Be...
Technical: Turmeric Nizamabad Spot : Correction Is For ...
Copyright © CC Commodity Info Services LLP. All rights reserved.