Soybean futures (Mar) is likely to face resistance near 3695 & the upside may remain capped.
The present scenario, the South America meal prices are at much
cheaper rate compared to Indian soymeal, hence the export demand for Indian
origin meal is likely to remain down in coming weeks. The same shall continue to
pressurize domestic market sentiments in coming sessions. CPO futures (Mar) may
witness a decline towards 535 levels due to situation of oversupply in the domestic
market. Malaysian palm oil futures fell over 1 percent on Thursday at 2,134 ringgit
($522.27) a tonne at the close of trade, charting a second straight session of
declines, on weaker related edible oils and bearish market outlook on palm prices
and inventory levels. Recent price forecasts at an industry conference were not
very bullish, while inventory levels were not declining as much as expected. Going
ahead, the main focus of Malaysian market will be on supply side as the February
data will be reported by the Malaysian Palm Oil Board on March 11. Mustard futures
(Apr) is expected to trade higher & test 3840 levels. Mustard oil mills across the
country crushed 500,000 tn of the oilseed in February, up 33.3% on year, according
to data compiled by the Mustard Oil Producers Association of India. Estimates of a
bigger crop this year and the peak arrival season may ramp up crushing in the
coming months.
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