Today is the first trading day of the current week starting 9 March and Indian oilseeds and edible oil (Soy oil and Crude Palm Oil) trades down both in physical as well as futures market.
On last friday on 6 March in my previous post, I predicted that edible oil market in India may witness steep fall in near future.
Today market has given early signs of it. Soy oil and Palm oil tried to go up but due to lack of physical market support, the market has started coming down.
In the physical market, the soy oil price are down by Rs. 5.60/10 kg in the Indore market which is the benchmark market for soy oil and soybean.
In Indian futures Market, the soybean, mustard seed, cpo and soy oil all are down in the range of .20 to .88% from previous close.
Discouraging oilmeal export data, poor domestic edible oil demand, weak international market sentiments do not allow Indian market to move up.
It seems that more weakness will be seen in near future.
More update will be given in the night near market close. (IST)
On last friday on 6 March in my previous post, I predicted that edible oil market in India may witness steep fall in near future.
Today market has given early signs of it. Soy oil and Palm oil tried to go up but due to lack of physical market support, the market has started coming down.
In the physical market, the soy oil price are down by Rs. 5.60/10 kg in the Indore market which is the benchmark market for soy oil and soybean.
In Indian futures Market, the soybean, mustard seed, cpo and soy oil all are down in the range of .20 to .88% from previous close.
Discouraging oilmeal export data, poor domestic edible oil demand, weak international market sentiments do not allow Indian market to move up.
It seems that more weakness will be seen in near future.
More update will be given in the night near market close. (IST)
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