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NCDEX Soy Oil Slumps On Poor Global Cues: April 16, 2012

ByCommodityOnline
Published 04/16/2012, 04:33 AM
Updated 05/14/2017, 06:45 AM

NCDEX soy oil futures ended in red on account of profit taking after a continuous rise in prices in the last month.

Increased initial margin to 10% from 5% also added to bearish market sentiments. As per Reuters survey, March refined palm oil imports seen down 40.2% as compared to February. Total palm oil imports seen down 7.6% as compared to previous month. India march vegetable oil imports seen down 3.2% as compared to previous month.

However, for the medium to long-term, soy oil is expected to trade higher on account of supply shortage. Supply shortage of edible oil which will result in expensive imports of edible oil in coming months. Malaysian palm oil products exports for April 1-10 rose 7.8 % to 478,948 tons from 444,259 tons shipped during March 1-10.

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