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| CapitalStars Investment Adviser |
Soybean futures (Dec) is expected to show upside momentum for the third
consecutive week & head towards 3450-3500, taking support near 3365 levels.
This oilseed is trading on a strong foot at major spot markets across the country
due to persistent demand from traders and crushers. The exporters are buying
soybean with a view of better outlook about soymeal exports amid competitive
rates in the global market, whereas stockiest are buying with expectations of better
return ahead, he noted. The traders are expecting soybean prices will rise above
Rs.3,500 in the spot markets in the next few months and thus continued to
purchase the commodity on bulk scale. The selling spree is likely to continue over
mustard futures (Dec) & the bleak prospects of its meal exports to china is likely to
push down the counter to 4125-4100 levels. Crushers demand for mustard seed is
very much restricted amid poor enquiries in mustard oil due to cheap palm and soy
oil. Further offtake in mustard meal from domestic and overseas buyers is also said
to be sluggish due to availability of cheaper alternatives. Further, crushing of
mustard seed during this month is expected to drop as enquiries for processed
product are not encouraging from consumption centres. CPO futures (Nov) is
looking bearish as it can plunge towards 564-562 levels. The adverse factors of
slow demand due to its solidifying nature during winters & expectations that
Malaysian palm oil prices could be falling more to the support zone of RM2,099-
2,122 will add to the negative sentiments.
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