It appears
that Indian soy oil market is likely to fall significantly from current levels
as physical market demand is not improving amidst weak global cues.
Poor
soymeal export data of India also discouraged the soy industry in India. Earlier,
no announcement on the import duty increase on edible oils in the Union Budget disappointed
the industry.
Buyers are
waiting for more correction to take place in the market then they can start
fresh buying.
Indian soy
oil importers seems continuously hedging their positions in the futures market.
At the same time buyers restrains themselves for big buying.
Technical
Chart pattern also suggest a fresh fall in the soy oil market in near future.
The following technical levels seems valid in the next week starting 9-14 March
2015.
Current Trading Price of Soy oil
April Contract at NCDEX is 580.55
India:
NCDEX Soy oil April Contract
S1:
548 S2: 530 R1: 602 R2: 620
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