AHMEDABAD (Commodity Online): Soy oil Prices at NCDEX, December contract saw some fresh buying sentiments in today’s trading session as well.
It opened positive at 643.90 per 10k.g and after making an intraday low at 643.10 it started trading upside and made an intraday high at 649.90 and still expected to trade up side.
Soy oil prices continued the positive trend in line with the palm oil prices as supply situation in long run might have positive impact on prices.
Palm oil production during the current season is expected to be lower as weather is disrupting the harvesting activities and peak harvesting season has also come to and end.
China announced imports of 5.6 million tons and 4.2 million tons soybean and 86,800 tons and 594,000 tons of Soy oil and Palm oil in November and December respectively.
Surge in Crude oil prices also support soy oil prices.
Soy oil Prices at NCDEX, December contract is having resistance at 654 level.
