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News On Ref Soyoil And Mentha Oil

ByCommodityOnline
Published 05/22/2012, 11:04 AM
Updated 05/14/2017, 06:45 AM

Ref Soyoil trading range for the day is 717.97-738.27. Market is looking to take support at 721.9, a break below could see a test of 718 and resistance is likely to be seen at 732.1, a move above could see prices testing 738.3.

Ref Soyoil yesterday traded with the negative node and settled -0.32% down at 725.9 on the back of short selling at higher level.

NCDEX Refined Soy Oil fell and traded in a negative trend yesterday because of profit booking at higher price level and also is likely to take support at Rs.719 on lower level today.

NCDEX Soy oil futures traded lower on account of weak demand for vegetable oil. However, sharp downside was cushioned on account of weak INR against the U.S. dollar that would make import costlier as India imports edible oil at about 50% of its total requirements.

Mentha oil trading range for the day is 1392-1587.6. Kedia Commodities research indicate support for Menthol is seen at 1424.6 and below could see a test of 1392. Resistance is now likely to be seen at 1522.4, a move above could see prices testing 1587.6.

Mentha oil May contract dropped Rs 60.7 and settled at Rs 1457.2 due to strong production estimates in the current year along with fresh arrivals in major mandies. The contract made intraday low of Rs 1457.2 a kg and high of Rs 1555 a kg with the volume of 2131 and total open interest for the same contact was at 1257.

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