The short covering in soybean futures (Apr) is likely to face resistance near 3685 levels
CAPITALSTARS INVESTMENT ADVISOR
Soy oil futures (Apr) is likely to
remain below 742 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 515 levels &
witness lower level buying due to short covering in international palm oil counter. Malaysian palm oil futures rose on Tuesday after
hitting a three-month low last week, but high stockpiles of the vegetable oil will likely continue to put pressure on prices. The
benchmark palm oil contract on the Bursa Malaysia Derivatives Exchange rose 1.1 percent to 2,129 ringgit ($522.45) a tonne. The
next resistance will be at 2,142 ringgit, a break above which could lead to a further gain to 2,190 ringgit. Mustard futures (Apr) is
likely to face resistance near 3785 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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