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| CapitalStars Investment Adviser |
Soybean futures (Nov) is expected to trade higher & test 3350-3370 levels. Soybean traded strong at the benchmark Indore market of Madhya Pradesh due to some good buying by stockists, traders and plants. Spot soybean at the Indore market was higher by Rs.50 (as per quality) at Rs.2,950-3,150/100kg, while soybean meal edged up by Rs.200 at Rs.26,200 per metric tonnes. Meanwhile, stockists have been very much active since start of the season and look to buy good quality stocks for long term purpose with expectations of good return ahead. Mustard futures (Nov) is likely to witness correction towards 4155-4125 levels. The initial excitement over lifting the ban on Indian mustard meal imports by China has fizzled out due to Beijing’s “very strict norms”, which Indian exporters find it difficult to adhere to. Despite the lifting of ban, exports of mustard meal from India are unlikely in the near future because of the stringent norms, thereby prompting the industry to request the government to intervene and seek clarification from China. CPO futures (Nov) may face resistance near 575 levels, taking negative cues from the international markets. On the Bursa Malaysia Derivatives, Palm oil may end its current bounce around a resistance at 2,202 ringgit per tonne and then resume its downtrend from 2,265 ringgit. This bounce could be the final struggle of bulls to stay above a key support at 2,144 ringgit on the daily chart. Eventually, palm oil may break 2,144 ringgit and fall towards 1,967 ringgit, which is indicated by a falling channe
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