The short covering in soybean futures (Apr) is likely to face resistance near 3677 levels.
Soy oil futures (Apr) is likely to break the support near 735 & descend to 731
levels owing to increasing supply pressure of imported edible oil in the domesticmarket. On the spot markets, sluggish trend in soy oil and soybean continued on
weak global cues and physical demand with soy refined quoted at Rs.765-70 for 10
kg, while soy solvent ruled at Rs.720-25. Soybean also traded low at Rs.3,625-50 a
quintal. Plant deliveries of soybean quoted at Rs.3,750. The bearish trend of CPO
futures (Mar) is expected to test 512 levels, taking negative cues from the
fundamental factors emerging in the international market. Also, India's palm oil
imports in 2018/19 are likely to jump a tenth from a year earlier to a record high, as
a sharp fall in the prices made the tropical oil more attractive for buyers than rival
soyoil and sunflower oil. Palm oil's discount to rival soyoil has widened to over $200
per tonne from $133 in March 2018, according to data compiled by the Solvent
Extractors' Association of India (SEA). Malaysian palm oil futures continued to
decline, tracking weak soyoil and in the absence of fresh cues, after three weeks of
declines on demand concerns. The downtrend of mustard futures (Apr) is likely to
go down further to test 3700 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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