February 17, 2012
India's soyoil prices move higher
In the last two days, some improvement is seen in the soyoil refined prices of India.
In fact short covering and some fresh buying on lower levels gave some support to prices.
International market sentiments have improved to some extent due to increased demand. Despite increasing production and stocks the CPO prices improved due to prospects of increase in exports during summer season.
India is one of the biggest buyer of palm oils. Indian edible oil production is expected to decline this year due to less production of Mustard seed.
Thus this deficit will be largely filled through palm oil import. Thus traders should utilise the dips seen time to time in palm oil in making buy positions.
On Thursday market is expected to trade positive but later on market may witness selling pressure again.