Soybean futures (May) can test 3900 on the upside, but after witnessing a correction till 3810 levels.
As per the
seasonal trend soybean prices generally improves in month of April compared to March. This could keep soybean prices in the
positive territory. Along with that, the positive crush margin of INR 820/Mt shall further support crushers and buyers to reinitiate
soybean buying in coming period. A consecutive upside momentum will probably persist in soy oil futures (May) as it can test 740
levels tracking revived optimism in the international markets. On CBOT, soy oil futures is showing a positive outlook after President
Donald Trump on hinted the United States and China may be inching closer to finalizing a deal to end a year-long trade impasse
between the world's two largest economic superpowers within weeks. CPO futures (Apr) on the national bourse has shown a
stellar performance on the back of rising palm oil prices in the Malaysian market & weakness in rupee against dollar. Going ahead,
more upside can be seen in the counter for 555 levels. The market participants would be keeping their fingers crossed ahead of the
palm oil data which will be published by the Malaysian Palm Oil Board after 0430 GMT on April 10. According to a Reuters survey,
it is estimated that Malaysia’s palm oil stockpiles likely dropped during March to less than 3 million tonnes and the lowest mark in
five months. Mustard futures (May) is expected to witness a consolidation in the range of 3800-3850 levels. Lack of mustard meal
exports and crush margin of Re.1 /qtl is likely to keep the upside capped.
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