We may see an extended buying opportunity soybean futures (June) near 3745 levels, while the upside may get extended towards 3820-3835.
The weakness in rupee against dollar & improved demand at lower price levels may push the
counter to 3760-3780. The market participants are looking for a ray of opportunity after the Ministry of Commerce and Industry and
General Administration of Customs of China (GACC) discussed issues related to India’s pending request for the clearance of more
farm products for the Chinese market. The resultant was that the draft protocol for is expected to be finalized soon for soybean
meal. In the international market, the most active soybean futures added 1.6% at $8.15 a bushel after closing up 0.5% on
Wednesday when prices hit a high of $8.48-1/4 a bushel - the highest since May 3. The trend of soy oil futures would purely
depend on the signals given by the movement of Rupee against dollar, which is falling owing to escalated trade war talks between
US and China, making import costlier. The June contract is expected to trade with an upside bias in the range of 738-742 levels.
The same fundamental goes with CPO futures (May) which is expected to trade sideways in the range of 517-525 levels. In news,
Malaysia kept its export duty on crude palm oil for June unchanged zero percent, according to a circular on the Malaysian Palm Oil
Board’s. Mustard futures (June) is expected to move take support near 3870 levels & trade with an upside bias owing to strong
export demand for rapeseed Meal from top importing countries such as South Korea, Thailand, Vietnam & Kuwait.
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