A correction can be seen in soybean futures (Apr) towards 3800 levels.
Sluggish trade in futures market kept physical
market also on downside note. In Indore market soybean was trading lower at INR 3908 (Vs. 3913) per quintal and meal was
observed near INR 32994 per MT (vs. 33000 during last session). CPO futures (Apr) is expected to rise to test 545 levels.
Malaysian palm oil futures hit a one-month high on Thursday, supported by expectations of better exports demand and lower
stocks. The benchmark palm oil contract for June delivery on the Bursa Malaysia Derivatives Exchange was up 0.5 percent at
2,185 ringgit ($535.80) a tonne at the midday break, heading for a fourth straight session of gains. In other related oils, the Chicago
May soybean oil contract was up 0.1 percent, while the May soyoil contract on the Dalian Commodity Exchange was 0.04 percent
higher. The Dalian May palm oil contract was up 0.3 percent. Mustard futures (Apr) is expected to witness correction towards 3750
levels. At physical front, the Alwar market was trading lower at Rs.3819 (vs. 3864) while Jaipur market was observed higher near
Rs.3890 (3912) per quintal. Total arrivals in country improved by 0.25 lakh bags at 6.25 lakh bags vs. 6 lakh bags reported
previous day. Amongst the biggest mustard producing state- Rajasthan accounted for 3.6 lakh bags (Vs. 3.5 Lakh bags), MP
accounting for 55 thousand bags (50000 bags), UP at 80 thousand bags (unch), Haryana and Punjab at 50000 bags (unch),
Gujarat at 25000 bags (unch), while other states contributing for 55000 bags (vs. 45000 bags).
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