India Edible Oil: Eases; soybean falls on weak demand in spot mkts | DZHI - DZH International 

India Edible Oil: Eases; soybean falls on weak demand in spot mkts

  • i2Matrix
  • 6 September 2019
NEW DELHI – Futures contracts of all components of the edible oil basket on domestic exchanges declined today. 
Soybean on the National Commodity and Derivatives Exchange settled lower due to waning demand for the oilseed from crushing plants, analysts said. 
A sharp fall was prevented due to reports of a smaller crop this year, traders said. India's soybean output is likely to fall nearly 5% to 10.0 mln tn in 2019-20 (Jul-Jun) despite higher acreage, according to the median of estimates of 15 key market players polled by Cogencis. 
Strength in key contracts on the Chicago Board of Trade also prevented a sharp fall on NCDEX, analysts said. Prices inched up on the Chicago exchange as crop conditions in the US, the world's top producer, were not as favourable as expected.  
Refined soyoil on the NCDEX and crude palm oil on the Multi Commodity Exchange ticked lower due to adequate stocks in domestic markets and upbeat imports, analysts said. 
Weakness in key contracts of crude palm oil on the Bursa Malaysia Derivatives further weighed on the prices on the MCX. 
Crude palm oil contracts on the Malaysian exchange ended marginally down as India increased import duty on refined bleached deodorised palmolein and refined bleached deodorised palm oil from  Malaysia, Intellitrade and Monetary Services brokerage head Suresh Mantri said.  
India is the leading importer of palm oil from Malaysia, one of the top producers. 
Mustard also ended lower due to expectations of a rise in area in upcoming rabi sowing season beginning October, analysts said. 
US$1 = 71.84 rupees 
-- Cogencis




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Benny Lee

Founder of i2Matrix. A market strategist, private trader and sought-after financial speaker and trainer in the Asian Region, Benny Lee has coached hundreds of professional and retails traders and investors in Malaysia, Singapore, Hong Kong, Thailand, Vietnam, Pakistan for more than 13 years. His passion in trading and chart analysis leads him to develop trading strategies that have helped him and many others to trade and invest successfully in the financial markets.

Benny Lee is recognized by the Malaysian and Singapore Stock Exchange as a Credible Trainer. He has also trained professionals in Malaysia under Securities Commission’s Continuous Professional Education (CPE) Program. He is also a market strategist Jupiter Securities Sdn Bhd, a Malaysian stock-broking firm.

Benny has been invited to share his expert opinion in major commodities and financial events in Malaysia, Singapore, India, Indonesia, Vietnam, Thailand, and Romania. His analysis on the financial markets can also be found on a regular basis in leading financial magazines like Smart Investor, Shares Investment Magazine and The Edge Daily in Malaysia, and Pulses Magazine in Singapore. He has also appeared on TV Financial Programs such as Capital TV (Malaysia), Channel News Asia (Singapore) and Sunbiz (Pakistan) to share his views about the markets and technical analysis.

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