Refined Soy Oil Futures May Elevate

The NCDEX Refined soy oil futures may go up further in today’s session are likely to add to the previous gains given the buoyant start to the global edible oils markets post Christmas.

Some buying was witnessed in both soy oil and palm oil early morning in Asia. CBOT soy oil has gained 31 points to quote at 47.46 cents per pound for the near month delivery while the CPO futures have gained in excess of RM for all the major contracts to quote at new all time highs.

The flurry of buying, which has returned to the markets in primarily due to the rebound in oil prices, which are threateningly up and trading at $94.43, up 30 cents for the benchmark NYMEX crude futures.

Following this, we may expect the NCDEX January refined soy oil futures to open higher and the counter may eye the intraday resistance of Rs 550 once again. The level has acted as a stiff barrier for the futures in the last session and we may expect it to hold once again in today’s outing.