Mumbai (Commodities Control) –Sunflower oil is seen at weak footing these days after prices of soybean and palm oils witnessed a sharp correction globally.
However, second half of a calendar year normally remains better for sunflower oil. Historically, it gains during July-December except October. Therefore, next three months are seasonally seen good for sunflower oil.
Sunflower oil is expected to see more weakness in near term but it presently a strong support at Rs 1,650 per 10kg as the technical chart shows. In case of further fall in prices, it will have next support at Rs 1,400/10kg.