India imports soy and sunflower oils primarily from Argentina, Brazil, Ukraine and Russia
With global supply shocks not abetting and domestic demand inching upwards, the government has played the ultimate card in reducing the prices of edible oils in India.
Apart from edible oils, several daily essential products, such as soaps and shampoos, have become dearer as FMCG companies hike prices to offset increasing inputs costs. However, many experts say while the move may spell good for companies, consumers may not benefit much.
Rising edible oil prices are pushing up inflation and hurting consumers
Accordingly, the facility of the evening trade will be available only for the remaining six internationally-linked agricultural commodities: soya oil, soyameal, crude palm oil, cotton, kapas and sugar. The Commission added that trade timings are reduced from 11-11.35 pm to 9-9.30 pm during US daylight saving period.
India Budget 2015-16 is round the corner and commodity market have a lot of expectations from this budget after Indian economy emerged as one of the fastest growing economies in the world led by the stable government at the Center, says Ventura.
Emkay Commodity Resarch has come out with its report on NCDEX Soybean, Rape Seed, Soya Oil, Cotton Seed, Chana, Wheat, Jeera, and Turmeric. According to the research firm, NCDEX Soya Oil Oct, futures prices corrected significantly to close at Rs 663.2 levels. Resistance is seen at Rs 661 levels breach of this level then it can test Rs 669 levels.
Fortune Financial Services has come out with its report on soybean, soya oil, jeera, pepper, mentha oil. According to the research firm, mentha oil future contract on MCX are looking negative for intraday. Market may find support near Rs1328-1320 and Rs 1314 . Intraday resistance can be seen near Rs 1343-1349 and Rs 1357.
Way2Wealth has come out with its report on gold, natural gas, copper, nickel, soya oil and maize. According to the research firm, one can sell natural gas below Rs 145 for a target of Rs 131 with a stoploss of Rs 151.
Way2Wealth has come out with its report on Nickel, Gold, and Soya Oil.