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Refined Soyoil Trading Range For The Day Is 709.83-731.43

ByCommodityOnline
Published 05/24/2012, 03:03 AM
Updated 05/14/2017, 06:45 AM

Refined soyoil trading range for the day is 709.83-731.43. Market is looking to take support at 715.2, a break below could see a test of 709.8 and resistance is likely to be seen at 726, a move above could see prices testing 731.4. In yesterday's trading session refined soyoil has touched the low of 715.3 after opening at 726.1, and finally settled at 720.5.

Ref soyoil yesterday traded with the negative node and settled -1.31% down at 720.5 tracking a drop in overseas markets, and as traders cut back on buying edible oils on expectations of a bigger fall in prices and on higher availability from imports. At the Indore spot market soyoil edged down by -6.15 rupees to 712.5 rupees 10 kgs.

CPO trading range for the day is 562.53-575.53. Market is looking to take support at 565.8, a break below could see a test of 562.5 and resistance is now likely to be seen at 572.3, a move above could see prices testing 575.5. In yesterday's trading session crude palm oil has touched the low of 565.8 after opening at 569, and finally settled at 569.

Crude palm oil yesterday traded with the negative node and settled -1.13% down at 569 due to weak spot market demand amid weakness in other oilseed counters also weighed on prices.

BMD CPO futures fell to the lowest level this year, yesterday, weighed by weak Asian equities amid persistent worries over Greece's possible exit from the eurozone.

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