Soybean futures (June) is expected to take support near 3680-3655 levels & any sharp downside may remain capped.
The demand is catching pace on the spot
markets supported by lower level buying & expectation of higher buying from
millers owing to positive gross crush margin of Rs.817 per ton. The upswing
momentum in domestic soybean prices & a weaker rupee against dollar may
continue to lend support to soy oil futures (June), hence it may trade in the range of
753-758 levels. Oils in Indore mandis showed a mixed trend with soya and palm oils
trading higher on weak availability. Soya refined on the spot rose to Rs.762-65 for
10 kg, while soya solvent ruled at Rs.728-32. CPO futures (June) is expected to
witness a consolidation in the range of 520-525 levels. Malaysian palm oil futures
fell 1 per cent on Thursday, snapping a three-session rally on profit taking and
slowing gains in other related edible oils. The Chicago July soybean oil contract
slipped after three sessions of gains and was last down 0.2pc. In other related oils,
the September soyoil contract on the Dalian Commodity Exchange fell 0.6pc and
the Dalian September palm oil contract eased 0.5pc. Mustard futures (June) is
expected to trade higher towards 3990-4005 levels. On the spot, at present the
demand is firm from crushing plants as the arrivals are shrinking because the peak
supply season is coming to an end. In Jaipur, the oilseed was sold at 4,110-4,115
rupees per 100 kg, up 10 rupees from Wednesday.
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