Fundamental Analysis July refined soy oil futures ended in green on account of short covering on Wednesday. MMTC issued a tender to import 6,000 metric tonnes of RBD Palmolein for shipment in July August. CBOT August Soybean oil futures ended lower at 37.75 cents/pound on Wednesday, down 0.35 cents/pound as compared to previous close. In the month of May, 2010, India imported edible oil to 539,159 metric tonnes, down 22% as compared to last year during the same period. In the first 7 months of edible oil marketing year i.e. from November 2009 to May 2010, India imported 46,28,859 metric tonnes, down 3.38% as compared to last year during the same period. Technical Analysis Prices closed above its 10 day & its 20 day EMA, which indicates bullish market sentiments. 14-Day RSI is at 48.98, which is in neutral zone. Outlook Refined soy oil futures are expected to trade lower on weakness in overseas market, ample availability of edible oil and lower demand at retail ends (for short term). In the long term perspective, 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.

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