Soybean oil to trade higher
Soybean oil futures traded higher on winter season demand and firm global market.
According to Solvent Extractor’s Association of India, edible oil imports in the month of November increased by nearly 50% on year to 519,032 metric tonnes.
CPO increased by 15.60% to 363578metric tonnes as compared to last year during the same period.
Indonesia has decided to maintain zero per cent export tax on crude palm oil, as per senior government officials.
CBOT March soybean oil futures ended higher at 33.12 cents/pound on Friday, up by $ 1.51 cents/pound as compared to previous close.
Technical Analysis
Ref Soy Oil Prices (NCDEX Jan Contract) closed higher at 467.40 on Friday; from its high of the day (469.80) and touched a low of 461.70.
Source : CommodityOnline