Refined Soy Oil futures Slips On Profit Selling

Refined Soy oil futures failed to hold ground to intraday rally as selling pressure remerged in the afternoon and commodity slipped after rallying for last three consecutive sessions. Lack of buying in the domestic cash market and subdued cues from the global markets pulled the prices lower as the counter ended at the day's low. A heavy sell off in the crude oil prices triggered the broad decline in the edible oils space in the domestic as well as global markets. 
The prices witnessed a mildly bullish start and picked up later on in the day. However, the highs above Rs 466 once again acted as a critical upside threshold and the selling pressure become vehement thereafter. The spot market was actually unchanged at Rs 464 per 10 kg in Indore and Rs 456.75 per 10 kg in Mumbai. This paved the way for a massive intraday sell off that took sheen off the counter and the NCDEX March counter ended at Rs 460.40, down Rs 4.15 from the previous close or 0.90% from the previous close with nearly 3% drop in the open interest on the day. During intraday moves, the commodity pared more than Rs 6 today. Malaysian CPO futures ended little changed while crude oil futures succumbed to e4havy selling and pared around 2 dollars from the previous close. 
The commodity ended up for a third session in a row yesterday, 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.