NCDEX Soy oil gain son fresh buying

MUMBAI (Commodity Online): NCDEX Refined Soya Oil extended the gains on fresh buying amid firm global cues.
The February delivery moved in the range of Rs 647.90- 645.10 and the contract is currently trading higher at Rs 647.75, up Rs 3.10 or 0.48% over the last close. The open interest added 5.53% to 117290 tonnes, indicating fresh buying.
The contract is likely to find resistance at Rs 650 and support at Rs 645 per 10 kg in today's trading sessions.
Malaysian Palm Oil futures traded with smart gains on Monday with the March contract is currently trading higher at MYR 3710, up MYR 30 after hitting the high of MYR 3729 per tonne on BMD.
U.S. soy futures climbed, with ongoing bullish supply concerns buoying prices to new 2-year high settlements. CBOT March soybeans, the most active contract settled 6 1/2 cents or 0.5% higher at $14.22 1/2 on Friday.
NCDEX Refined Soya Oil February contract ended the last session higher by 0.55% at Rs 644.65 after hitting the high and low of Rs 645.10 and low of Rs 640.50 per 10 kg. The open interest dipped by 2.54% to 111140 tonnes. The contract continued to close above the short term and long term EMA's, indicating short term and long term trend is firm. The 14-day RSI ended at 61.40.
As per the latest USDA report last week, global oilseed production for 2010/11 is projected at 440.4 million tons, down 2.3 million from last month. This was mainly on the heels of sharp decline in soya bean by 0.08 % from the last month and marginal fall is also projected in sunflower and rapeseed.
The global soybean production is projected at 255.5 million tons, down 2.3 million.The total soyabean production in United States is also estimated at 90.60 million tonnes , down 1.2 million tonnes from the last year.
Global oilseed ending stocks for 2010/11 are reduced 2 million tons to 68.3 million as strong exports demand of soyabean in United States and Brazil. The total ending stocks of global vegetable oil is also projected at lowest level of 10.23 million tonnes.

(Source: http://www.commodityonline.com/futures-trading/market/NCDEX-Soy-oil-gain-son-fresh-buying-20024.html)