Soybean futures (May) is expected to trade with a downside bias & move towards 3600-3560 levels.
The buying pace of
stockiest and the millers are sluggish in the current scenario due to surplus imported veg oil stocks at domestic front along with
bearish global market keeping the overall sentiments on lower end. A surge in the import of vegetable oils in India has prompted
the domestic oilseed crushing and refining industry to cut operating capacity to a historic low in order to sustain in the business for
future. On CBOT, The most active soybean futures slipped more than 2.5 percent for the week, set for the biggest weekly loss
since August 2018. The dollar looked set to end the week with a firmer tone on Friday as markets scaled back bets on a U.S. rate
cut, though much depends on what jobs data due later in the session says about the health of the economy and wages. Mustard
futures (May) will probably remain stable taking support near 3710 levels. There is pick-up in demand from mustard meal exporters
based on the talks that China will start importing Indian mustard meal in July, about eight months after it lifted a ban on mustard
meal of Indian origin. Soy oil futures (May) may descend towards 732 levels, while CPO futures (May) may decline towards 514-
512. On the Bursa Malaysia Derivatives, Malaysian palm oil futures fell nearly 4 percent on Thursday evening to their lowest in
almost five months, weighed down by weakness in U.S. soyoil prices on the Chicago Board of Trade and weak demand sentiment.
Going ahead, palm oil is expected to fall more into a range of 1,967-1,989 ringgit per tonne.
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