NCDEX Soya Oil May Trade In Tight Range, Palm Oil Markets Await Data .

NCDEX Refined Soya Oil futures ended sharply higher on Tuesday fuelled by heavy buying support tracking the firm global markets. The benchmark December contract surged three percent to the high of Rs. 580.85 and ended the last session higher by 2.75 percent at Rs. 579.40 per 100 kg.

U.S. soy product futures climbed in step with soybeans. Soyoil raced to a new 27-month high while meal rose to 16-month highs. CBOT Dec soyoil ended 1.39c higher at 53.40 cents a pound, while December soy meal traded $17.40 higher at $362.30 a short ton. E-CBOT December Soya oil is currently trading down at 53.02, down 0.38 cents per pound.

The BMD CPO futures traded with marginal gains in today's trading session the benchmark December contract is currently trading higher at MYR 3366, up MYR 3 per tonne from the last close. The palm oil board will announce data for October output, exports and inventory today.

As per the latest World Agricultural Supply and Demand Estimates from USDA, Global oilseed production for 2010/11 is projected at 440.7 million tons, up 0.1 million from last month. Increased soybean production is mostly offset by lower sunflower seed, rapeseed, peanut, and cottonseed production. Global soybean production is projected higher with increases for Brazil, Argentina, India, and South Africa only partly offset by a reduction for the United States.

NCDEX Refined Soya oil likely to move with resistance at Rs. 581 and Rs. 584. Meanwhile, the contract has support at the level Rs. 575 and Rs. 563.50 per 10 kg.

Source : indiainfoline.com