Emkay Commodity Research has come out with its report on Refined Soy Oil. The research firm says March Refined Soy Oil likely to extend its corrective declines for the day and is expected to slip further towards Rs 700 levels.
Refined soy oil Indore featured losses on tracking weak trend in global market amid ample supply however, loss in rupee supported to some extent. According to SEA, edible oil imports in January are likely to have touched 1.17 MMT highest since inception. India's total vegetable oil imports are likely to rise by 15% to around 115 lakh tons in the current marketing year ending October 2013. Soy oil prices are expected to trade in range on weak global market and weak rupee.
Technical: Mar Soy Oil likely to extend its corrective declines for the day and is expected to slip further towards 700 levels. Alternatively A break and close above 712 can change our bias to bullish, targeting 720 levels.
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To read the full report click on the attachment
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