Refined Soya Oil

Ref.Soyaoil on NCDEX settled up by 0.84% at 652.85 on hope of higher demand in global market. Prices of oil were up on demand hope from the US following report that said that US president Donald Trump's administration will not change 2017 Renewable Fuel Standard (RFS) Biofuel quotas. The mandates are in place for 2017 to use more soybean oil to make biodiesel. Further, strong demand for on-going wedding season and festivals in domestic market were also supported soya oil prices.

Trading Ideas: 

*Ref.Soya oil trading range for the day is 646-658. 

*Ref.Soya oil ended with gains on hope of higher demand in global market.

*At the Indore spot market in Madhya Pradesh, soyoil was steady at 654.65 Rupees per 10 kgs.

Crude Palm Oil (CPO)

CPO on MCX settled up 0.34% at 537 on short covering recovered from the day's low as support seen after the update that Indonesia’s crude palm oil output likely dropped in February, extending the decline into a third straight month. CPO production in the world’s top producer of the widely used oil likely slipped to 2.80 million tonnes in February from 2.95 million tonnes in January, according to the median estimate in a survey of two industry associations and a state palm research firm. Meanwhile, exports of Indonesian CPO were estimated to have risen last month to 2.41 million tonnes from 2.21 million tonnes in January.

Trading Ideas: 

*CPO trading range for the day is 529.1-541.9. 

*CPO regained above 537 amid an uncertain production outlook and forecasts for a soya oil rally.

*Crude palm oil prices in spot market dropped by 1.70 rupees and settled at 539.40 rupees.

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