The short covering in soybean futures (Apr) is likely to face resistance near 3750 levels.
Soy oil futures (Apr) is likely to
remain below 745 levels & trade with a downside bias taking negative cues from the international market & also owing to
increasing supply pressure of imported edible oil in the domestic market. On the spot markets, sluggish trend in soy oil and
soybean continued on weak global cues and physical demand. CPO futures (Mar) is expected to take support near 525 levels &
witness lower level buying due to short covering in international palm oil counter. The benchmark third-month palm oil contract on
the Bursa Malaysia Derivatives Exchange was up 0.4% at 2,172 ringgit (US$534.98) a tons, locking in a fifth straight session of
gains, after earlier hitting its highest level since March 4. Mustard futures (Apr) is likely to face resistance near 3800 levels. The
ongoing phase of lean demand, significant arrivals amid expectations of bumper crop output this season would keep the upside
capped. On the export front, despite having a bumper rapeseed crop this year in India and shift in Chinese demand to other
nations, the export of rapeseed and meal to China from India is unlikely to resume during current financial year as procedure for
registration with MoA, China is too cumbersome, lengthy and time consuming to complete all formalities.
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