Soy oil prices ended slightly lower on account of weak overseas market and lower demand at retail ends on Tuesday.
The benchmark May contract on National Board of Trade (NBOT) Exchange, soybean oil ended mildly higher at Rs 449.10/10 Kg on Tuesday, up Rs 0.10/10 Kg as compared to previous day.
CBOT May Soybean oil futures ended higher at 39.77cents/pound on Tuesday, up 0.42 cents/pound as compared to previous close.
Technical Analysis
Prices closed below its 10 day & its 20 day EMA, which indicates bearish market sentiments.
14-Day RSI is at 37.42, which is below neutral zone.
Outlook
Refined soy oil futures are expected to trade slightly lower on account of lower demand at retail ends (for short term). In the long term perspective, higher import of edible oils during the first 4 month of oil marketing year as compared to last year during the same period. Huge stock of imported edible oil and decision of continue to import of crude edible oil at 0% also in favor of bears in the market.
