Favourable global data lifts soya oil prices

India Infoline News Service | Mumbai | October 24, 2017 17:15 IST

While a slag continues for soya oil in the physical market, a strong demand for soya oil in the global market has pushed its prices higher.

While a slag continues for soya oil in the physical market, a strong demand for soya oil in the global market has pushed soya oil prices higher.

Soya refined is currently being quoted at 668-70 per 10 kg (up 5 from last), while soya solvent ruled at 635-40 for 10 kg.

In technical terms, Soya refine oil has formed a higher top higher bottom pattern on daily chart which is positive for prices. RSI is also above 60 levels on daily chart indicating a high momentum in prices. If prices are able to sustain above 675 levels then it can touch 700 levels in a few days. 

 

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