Oil updates

Indian RSO futures are expected to trade with volatility in today's trading session as global market traded with mixed note while local currency value weakness further which is crucial in determining the landed cost of imported edible oils The NCDEX RSO December contract ended the day at Rs 698.55, up Rs 2.30 or 0.33% from last close.

The CBOT January Soybeans finished up 18 at 1412 ¾ cents per bushel and December Soybean Oil finished up 0.43 at $48.32 per pound. Firm cash markets and strong export demand helped to support the sharp move higher. The e-CBOT Soya Oil December is hovering at 48.05, down 0.27 over last close. The Malaysian CPO futures traded lower in the early Asian moves, the counter hovers at MYR 2443, down MYR 14 per tonne. The counter traded in the range of MYR 2460-2439 per tonne. As per latest release from Cargo Surveyor Intertek Agri Services, Malaysia's palm oil exports during November 1-20 declined by 3.30% from the same period in October to 10.60 lakh metric tonnes. The NYMEX Crude Oil January hovers at $86.77, up 0.02 per barrel. Local currency value weakens further with Indian rupee hovering near Rs 55, up 0.45% from Tuesday close.

The RSO futures edged up near Rs 704 mark level, swelled Rs 60 from recent the low in the month of November. The counter closed the day at Rs 698.55, up Rs 2.30 or 0.33% from last close. Technically, the counter is expected to find resistance at Rs 700-704 and supports at Rs 695-691 per 10 kg.

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