This week, we may see an extended buying opportunity soybean futures (June) near 3675 levels
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. On the contrary, U.S. soybean futures
(July) is trading near its 10-year low & may plunge further if breaks $8 a bushel under pressure of the deepening U.S-China trade
tensions loomed over the market. The deal remains uncertain whether the two sides can bridge the differences that have arisen
over the past week. 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 sideways in the range of 724-730 levels. The same fundamental goes with CPO futures (May) which is expected
to take support near 515-512 with downside getting capped. Mustard futures (June) is taking support near 3755 since past four
weeks on the back of lower level buying. Going ahead, more upside of 3900-3930 can be seen in this counter owing to strong
export demand for rapeseed Meal from top importing countries such as South Korea, Thailand, Vietnam & Kuwait.
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