Soybean futures (Feb) is likely to trade in the range of 3775-3785 with a sideways bias.
 |
Demand from meal crushers was also poor as the Iranian demand for Indian
soya meal remained silent since last couple of days. Soybean traded slightly down
today across all major physical markets as buyers were reluctant to purchase at
such higher levels. Indore mandi was at INR 3855 (vs. 3865 previous session), Kota
was at INR 3768 (vs. 3974) and in Nagpur prices were observed near INR 3838
(vs.3890). Mustard futures (Feb) is expected to face resistance near 3940 levels &
the upside may remain capped. NAFED is continuously trying to offload its available
mustard stocks before the beginning of new arrival and this is adding pressure in
the domestic markets. As on 22nd Jan, NAFED was finally left with 2.49 lakh tons of
stocks out of 8.8 lakh tone purchased this year. Constant dispersal of old stocks
along with expectation of bumper crop this year shall resist any significant rally in
mustard prices. CPO futures (Feb) may trade in the range of 559-569 levels.
Malaysian palm oil futures hit their highest in nearly five months on Thursday on
expectations of falling production. Average palm oil prices are set to climb this year,
a Reuters poll showed, buoyed by slowing output-growth in top producer
Indonesia and by robust demand for the commodity which is used to churn out
products ranging from chocolate to biofuels. Meanwhile, India reduced import
taxes at the start of the year, though the rates are still higher than before an initial
hike from last March.
HAPPY TRADING!!!!!!!!!!!!
Click here to visit my website : https://bit.ly/1h8KZUM
Free Trial link : https://bit.ly/2u2GUhK
Any queries CALL US : 9977499927
CAPITALSTARS CALL US : 9977499927
0 comments:
Post a Comment