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Saturday, October 23, 2021

NCDEX Soyabean likely to trade in range between 3581-3665

MCX Zinc likely to trade in a range between 194.4-201.4

MCX Copper expected to trade between 459.1-472.3 levels

MCX Natural Gas may trade in a range between 196.1-204.3

Crude Oil market under long liquidation; Support seen at 4020

MCX Silver may trade in a range between 39401-40781

Technically NCDEX Soyabean is getting support at 3597 and below same could see a test of 3581 level, And resistance is now likely to be seen at 3639, a move above could see prices testing 3665.

Soyabean on NCDEX settled down by 0.63% at 3614 due to low physical demand and sufficient stocks due to higher production this season. As per latest press release by SOPA, India’s soybean output is higher by 38% at 114.8 lt this year due to increase in average yield across the country.

As per latest press release by SOPA, India’s soybean output is higher by 38% at 114.8 lakh tonnes this year due to increase in average yield across the country. Reports showing soymeal exports from India are expected to rise 25% on year to around 15 lakh tonnes in 2018-19 (Apr-Mar).

Pressure seen driven by higher projection of 2018-19 soybean output. India’s soybean output is likely to rise by a staggering 38 per cent this year on a sharp increase in average yield across the country, following favourable climatic condition in major cultivating states including Madhya Pradesh, Maharashtra and Rajasthan.

Data captured through the latest assessment of farmers, traders and other stakeholders by the apex industry body the Soybean Processors’ Association (SOPA) showed India’s total soybean output standing at 11.48 million tonnes during the ongoing harvesting season as compared to 8.36 million tonnes in the previous season.

During the current season, soybean acreage was up 6.7 per cent to 10.84 million hectare (ha) from 10.16 million ha in the previous season. The survey presented a surprising picture in Maharashtra despite droughts in many agricultural pockets in the state.

At the Indore spot market in top producer MP, soybean dropped 19 Rupees to 3703 Rupees per 100 kgs.

Trading Ideas:
–Soyabean trading range for the day is 3581-3665.
–Soyabean dropped due to low physical demand and sufficient stocks due to higher production this season.
–As per latest press release by SOPA, India’s soybean output is higher by 38% at 114.8 lt this year due to increase in average yield across the country.
–Soybean output in Maharashtra is estimated to rise by 32 per cent to 3.84 million tonnes for this year from 2.91 million ha last year.
–At the Indore spot market in top producer MP, soybean dropped  -19 Rupees to 3703 Rupees per 100 kgs.

Courtesy: Kedia Commodities

Source: Commodityonline.com

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