The correction in soybean futures (Mar) may witness a halt & take support in the range of 3750-3700 levels.
CAPITALSTARS INVESTMENT ADVISOR
The
sentiments are turning optimistic after the export data highlighted a sharp jump in soybean meal exports to Iran during the period
April 2018-January 2019 to 2.8 lakh tonnes from 23,000 tonnes last year. In the wake of economic sanctions by the US, Iran
turned to India to meet its soybean meal requirements. To support this, Iran started accepting payments in Indian currency, used it
to pay India for imports. The hopes of more exports are rising as Iran could use the opportunity to meet its soybean demand from
India, because it does not produce enough of the protein-rich soymeal domestically. Mustard futures (Apr) is expected to trade with
a downside bias & may even test 3900 levels. The prospects of rape meal exports to China amid US-China trade tensions are less
likely to yield any fruit for Indian oilmeal exports & may not resume during current financial year as procedure for registration with
MoA, China is too cumbersome, lengthy and time consuming to complete all formalities. CPO futures (Feb) is in the overbought
region & correction may emerge due to profit booking & also facing resistance near 576 levels. Moreover, the India's January
imports of palm oil, including crude and refined variants, are seen at around 900,000 tn, up 12.5% from December. Globally, the
market participants are worried amid pessimism over trade and global growth after the breaking news that President Donald Trump
won’t meet Chinese President Xi Jinping before a March 1 deadline to avert new U.S. tariffs on Chinese goods.
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