NCDEX Refined Soy Oil June futures are likely to trade bullish for short term and side ways for intra day. support for short term is seen at 580 and resistance 605 while intra day support is at 590 and resistance will be 595.Ref. Soy Oil June contract was trading up by 0.2% to 594.4 level on Thursday(11.20am) at India's National Commodity and Derivative Exchange(NCDEX).
As per SEA data, India's vegetable oil import rose 27% at 1.06 million tons in March, vs 0.84 million tons a year ago. Zero export duty on palm products by Indonesia and Malaysia, along with reduced demand of crude palm oil for biodiesel, pushed export of palm products to India.
Also, due to high prices of soybean and lesser realization for oil and soybean meal in the export market resulted in lower crushing and lesser oil availability in the domestic market, resulting in to higher import.
Indonesian president on Wednesday approved new export duty rates of CPO to $50 tons and $30 tons for the refined products. The order was signed today which will be in effect from the 3rd week of this month.
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