Soybean futures (Apr) is trading near its two months low & this bearish trend is likely to persist as it can fall further towards 3550 levels.
CAPITALSTARS INVESTMENT ADVISOR
Demand in the physical market is continuing to remain subdued from millers and crushers with ongoing lean
season for soybean and oil market. Soy oil futures (Apr) is likely to witness sell on rise facing resistance near 745 levels owing to
increasing supply pressure of imported edible oil in the domestic market. The overall import of vegetable oils during November
2018 to February 2019 is reported at 4,862,849 tons compared to 4,785,778 tons i.e. up by 1.61%. The bearish trend of CPO
futures (Mar) is expected to remain below 530 levels, taking negative cues from the fundamental factors emerging in the
international market. The European Commission concluded that palm oil should be phased out from transport fuel due to
environmental concerns. Apart from this, there is ample supply of palm oil in India which is exerting pressure on domestic edible oil
prices. During Nov.’18-Feb.’19, Palm Oil import has marginally increased to 3,070,466 tons from 3,034,514 tons during the same
period of last year, however Soft Oils import decreased to 1,541,346 tons from 1,620,936 tons during the same period of last year.
Total stock at ports and in pipelines on 1st March is reported at 2,195,000 tons, increased by 85,000 tons from 2,110,000 tons as
on 1st February, 2019. The downtrend of mustard futures (Apr) is likely to go down further to test 3730 levels. The ongoing phase
of lean demand, significant arrivals amid expectations of bumper crop output this season would drag down the prices.
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