Global cues likely to lift soyoil

Soy complex futures are expected to move up next week on the National Commodity and Derivatives Exchange taking cues from firmness in global edible oil and crude price, analysts said today.

Mustard futures are also expected to trade up on crop damage fear."Bullish sentiment is expected in the edible oil complex," said a Mumbai-based analyst.

Soyoil futures are expected to gain mirroring trends in crude oil, which are seen above $90 dollar a barrel in the short term.

Organisation of Petroleum Exporting Countries on Friday decided to maintain status quo on crude oil production.

Malaysian crude palm oil futures are expected to remain above 3,200 ringgits (Rs 38,816) a tonne, reflecting strong sentiment in the soy complex.

The benchmark April contract in Bursa Malaysia on Thursday closed at 3,232 ringgits (Rs 39,269 ), up 8 ringgits from the previous close. Bursa Malaysia was closed on Friday for a local holiday.Domestic prices will continue to track trends in palm oil.

On Friday, the most active NCDEX March soyoil contract ended Rs 598 per 10 kg, up Rs 3.5 from Thursday.

Analysts recommended buying the most-active contract at Rs 595, with a target of Rs 610, and stop-loss below Rs 558.

Soybean futures are expected rule high on renewed buying interest due to receding bird flu scare, a trader said.

Globally, soybean futures are expected to trade firm due to spill over impact of gains in equities market due to rate cut by the US Federal Reserves.Limited soybean stock in China is expected to extend buying support.NCDEX March soybean ended Rs 2,086 a quintal, up Rs 32.

Buying is recommended at Rs 2,065-2,070 in the March contract, with a target of Rs 2,150 and stop-loss below Rs 2,030.