Refined soy oil Feb ncdex:--
Refined soy oil traded lower after making a high of 684.85 closed the day at 678.45. As long as prices trade below 685 could see a sharp fall towards 670 then 674/662 levels for the day. Moreover, prices are trading well below the 13, 22, 45 day EMA resistances suggesting a near term weakness. Conversely, a short covering rally may see if prices sustain to trade above 680 towards 684-686 region.
Oil and Oilseeds Insight:--
Oilseed complex might remain in range for today as the fundamental factors are very constant restricting price movement on either side. Weekly export sales data decreased in soybean and meal while soy oil exports increased substantially. Crop weather over Brazil and Argentina is supporting the crop harvesting season which commences from second fort night of February. Despite this Production estimates are further revised lower by United States Department of Agriculture. Absence of meal demand in domestic markets is also keeping the buyers away from the market which has resulted in drop in spot prices. Fresh crop arrivals of mustard are increasing which is pressurizing the prices.
Pepper Feb ncdex:--
Pepper prices traded extremely sideways after making a high of 30230 closed the day at 29465. if prices break below 29000, a sharp fall may see towards 28100 followed by 27400 levels. However, unexpected pullbacks above 305 may see short covering rally towards 31320 levels for the day.
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