Soy oil to trade on higher trends
Monday, 28 December 2009
Refined Soybean Oil futures closed lower in tandem with overseas market and lower demand at retail ends.
AS per Trade Ministry of Indonesia, Indonesia will raise its export tax on crude palm oil exports to 3 per cent in January. However, it was zero from last five months.
China's soy oil imports in the month of November fell 44 per cent on year to 2.27 lakh tonnes, while palm oil imports, up 27 per cent to 5.18 lakh tonnes.
The benchmark January contract on National Board of Trade (NBOT) Exchange, soybean oil ended lower at Rs 571.80/10 Kg on Wednesday, down Rs 0.50/10 Kg as compared to previous day.
CBOT January Soybean oil futures ended higher at 38.08 cents/pound on Wednesday, down 0.03 cents/pound as compared to previous close.
Ref Soy Oil Prices (NCDEX January Contract) closed lower at 472.50 per 10 Kg on Wednesday; its high of the day was 475.70 levels and touched a low 470.65 level.
Prices closed below its 10 day and its 20 day EMA. 14-Day RSI is at 37.40, which is in neutral zone.
AS per Trade Ministry of Indonesia, Indonesia will raise its export tax on crude palm oil exports to 3 per cent in January. However, it was zero from last five months.
China's soy oil imports in the month of November fell 44 per cent on year to 2.27 lakh tonnes, while palm oil imports, up 27 per cent to 5.18 lakh tonnes.
The benchmark January contract on National Board of Trade (NBOT) Exchange, soybean oil ended lower at Rs 571.80/10 Kg on Wednesday, down Rs 0.50/10 Kg as compared to previous day.
CBOT January Soybean oil futures ended higher at 38.08 cents/pound on Wednesday, down 0.03 cents/pound as compared to previous close.
Ref Soy Oil Prices (NCDEX January Contract) closed lower at 472.50 per 10 Kg on Wednesday; its high of the day was 475.70 levels and touched a low 470.65 level.
Prices closed below its 10 day and its 20 day EMA. 14-Day RSI is at 37.40, which is in neutral zone.