Soybean futures (Apr) will possibly break the support near 3650 & descend further towards 3630-3600 levels.
While ref. soy oil futures (Apr) is likely to face resistance
near 745 levels. On the spot markets, sluggish trend continued in the majority of
oils in Indore mandis on weak physical demand and global cues with soy refined
quoted at Rs.768-70 for 10 kg, while soy solvent ruled at Rs.735-40. CPO futures
(Mar) is expected to move lower & test 518 levels. Malaysian palm oil futures fell for
a seventh consecutive session on Thursday to a three-month low, as concerns over
slowing demand and rising production dragged down the market. There was
further pressure on prices as Europeans reduce consumption amid environmental
concerns associated with the tropical product. There is ample supply of palm oil in
consuming countries, both India and China, this is the reason the counter is reeling
under pressure. In related oils, the Chicago soybean oil was down 0.2 percent and
the most-active soyoil contract on the Dalian Commodity Exchange fell 1.4 percent.
Mustard futures (Apr) is likely to breach the the support near 3800 levels & plunge
towards 3780-3750 due to pressure of new arrivals. Amid rising arrivals and weak
physical demand, mustard seeds and raida continued to trade low with mustard seeds prices in the physical market quoted at Rs.3,750-75 a quintal, while raida
ruled at Rs.3,400.
HAPPY TRADING!!!!!!!!!!!!!!!!!!
Click here to visit my website : https://bit.ly/1h8KZUM
Free Trial link : https://bit.ly/2u2GUhK
Any queries CALL US : 9977499927
CLICK HERE FOR GET DETAILS & JOIN OUR BEST ADVISORY -
Visit our website : http://www.capitalstars.com/free-trial
CAPITALSTARS CALL US : 9977499927
0 comments:
Post a Comment