Technical View FCPO 13.12.2018

• Market traded higher today on higher CBT soyoil and strong gains in crude mineral oil in Asian trade.Fresh sellers were lacking. Some reports of Malaysian government initiatives to support prices i.e. increase use for biodiesel, reduce imports etc were also supportive. Prices were 17 to 4 higher in the morning and rose to 26 higher in the afternoon.

• Market is generally sideways. Seasonal strength from declining production through Mar give better incentives for buying. However existing high supplies, with stocks likely to increase further in Dec, undermined sentiment. Market may continue to trend sideways with better upside prospects.

• Technical view - Prices continue to hold sideways in 2000 - 2050 range.

Disclaimer: This only for education purpose. Not a buy call or sell call from us.