We may see an extended buying opportunity soybean futures (June) near 3675- 3700 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. U.S Soybeans rose 1.5% despite the escalation of U.S.-
China trade war & taking positive cues from lesser plantings this season. The USDA
said the soybean crop was 9% seeded, lagging the five-year average of 29% and
the average trade estimate of 15%. 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 higher & test 739, if sustains above
736 levels. The same fundamental goes with CPO futures (May) which is expected
to take support near 515 with downside getting capped. 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 further higher towards 3950 levels owing to strong export demand for
rapeseed Meal from top importing countries such as South Korea, Thailand,
Vietnam & Kuwait.
HAPPY TRADING!!!!!!!!!!!!!!!!!!
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