Soy oil rises on global cues

The refined soy oil futures advanced their positive trend on Wednesday on follow through buying supported by firm international market. Indian traders continued their buying activity on expectation of revival in demand for oil in the short term.
Traders bought futures anticipating decline in veg oil import in March month due to supply disruption in South America.
Indian market moved in line with firm international market. Rising crude oil prices has been attracting edible oils as an alternate energy source.
Outlook

The refined soy oil futures are projected to continue its positive trend on Thursday on continued buying interest. Indian traders and investors are likely to buy futures anticipating revival in demand for oil in near term.
We are expecting the oil import in the month of March would be lower due to supply disruption caused by heavy rains in Latin America, which may render support to the market.
During November to February, soy oil imports into India were down 32% Y/Y. A rally in international crude oil market is rendering support to the global oil and oilseeds market. Higher landed price of oil due to increase in international price is lending support to the domestic market.
Indian market is likely to move in line with firm international market. CBOT soy oil futures ended higher on projection of tight ending stock, likely decline in US soy acreage and rising crude oil prices.
Derivative analysis (rise in price and open interest) is indicating positive trend to continue on Thursday.

(Source: http://www.commodityonline.com/futures-trading/technical/Soy-oil-rises-on-global-cues-23075.html)