The trend of soybean futures (Apr) is bearish; hence the short covering may remain restricted near 3745 levels.
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 face resistance near 743 levels & once again selling may emerge
from higher levels. The reason being is the hopes of 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. Similarly, the recovery in
CPO futures (Apr) will possibly get limited till 532 levels. The traders of palm oil in the international market have still a bearish
outlook, viewing a potential trade war between the European Union and some of the world’s largest developing nations after the
bloc imposed stricter limits on how the crop can be used in green fuels. In reaction to this, Malaysia has told the European Union
(EU) that it will retaliate if the EU continues to discriminate palm oil. Mustard futures (Apr) can stand out of the its league as an
upside momentum taking support near 3720 levels. 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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