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 act as
a catalyst to drive up the soy oil futures (June) towards 760-762 levels. The
Chicago July soybean oil contract was up 2.6% on Wednesday, extending gains
into a third session. Meanwhile, the September soyoil contract on the Dalian
Commodity Exchange jumped 3.1% and the Dalian September palm oil contract
rose 2.6%. CPO futures (June) is expected to witness a consolidation in the range
of 520-526 levels. Malaysian palm oil futures rose over 2% in evening trade on
Wednesday, tracking gains in U.S. soyoil on the Chicago Board of Trade and
supported by a weaker ringgit. The benchmark palm oil contract for August
delivery on the Bursa Malaysia Derivatives Exchange was last up 1.8% at 2,104
ringgit ($501.91) per tonne at the close of trade, its third straight session of gains.
Earlier in the session, it climbed as much as 2.4% to 2,115 ringgit, its strongest
level since May 21. Mustard futures (June) is expected to consolidate in the range
of 3920-3960. 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.
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