Soybean futures (Apr) is likely to face resistance near 3700 levels.
CAPITALSTARS INVESTMENT ADVISOR
In spot markets, price of soybean are trading weak
owing to absence of any significant soymeal export deals along with strong rupee & restricted crushers' demand. Uncertainty over
the early resolution of the US-China trade dispute has also impacted the sentiments as global prices under pressure. Soy oil
futures (Apr) is likely to witness consolidation in the range of 730-735 levels. The upside may remain capped owing to cheaper
imports due to stronger rupee and lower tariff rate for the second fortnight of March. The government slashed the base price for
import of various edible oils for the current fortnight ending March 31 in view of falling global prices. A cut in base rate for
calculating tax will make edible oil imports cheaper. CPO futures (Apr) will possibly consolidate in the range of 525-529 levels.
Malaysian palm oil futures slipped to a more than one-week low at one point on Thursday as high inventory levels continued to
weigh on the market. In other related oils, the Chicago May soybean oil contract fell 0.2%, while the May soyoil contract on the
Dalian Commodity Exchange declined 0.8%. The Dalian May palm oil contract slid 1.2%. Mustard futures (Apr) is likely to take
support near 3725 levels & remain steady. To shield the fall in prices below the MSP, Nafed plans to procure a large quantity of
mustard seed at the minimum support price (MSP). At present, the central government order to start MSP operations is being
awaited.
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