NCDEX Refined Soy Oil futures are trading sideways with a mild bias today as traders watch flat global cues and the recent gains bring in some selling pressure in the commodity. The commodity ended up for a third session in a row, hitting levels around one week highs as last week's impressive run up above Rs 460 paved way for fresh buying support and strong global cues lifted the sentiments up. The traders are also eying for the oil imports to ease a bit in the near term and prices are seen unlikely to take a major hit before the rabi arrivals start in full swing.
The recently released 2nd Advance Estimates suggested that the production of rapeseed & mustard is also expected to be higher by 0.23 million tonnes, resulting into overall production of Rabi oilseeds exceeding the last year's level by 0.22 million tonnes. However, the yesterday' latest update from Agriculture Ministry suggested that Oilseeds have been sown in less area as compared to last year, down 3.77 lakh hectare.
The prices edged up yesterday as the traders eyed strong global cues with the crude oil futures edging near $81. Oil is witnessing some selling pressure now and the Malaysian CPO futures are little moved. NCDEX Refined Soy oil March contract currently trades at Rs 464.25, down Rs 0.30 from the previous close. Watch out for selling pressure to emerge around Rs 465.10-30.
