Zinc market under short covering; Support seen at 175.3
MCX Copper may trade in a range between 409.6-422.2
MCX Crude Oil likely to trade in a range between 4528-4872
MCX Silver likely to trade in a range between 37660-38330
Gold market under fresh selling; Support seen at 29550
Technically Soyabean market is under fresh buying as market has witnessed gain in open interest by 0.77% to settled at 56290 while prices up 20 rupees.
Now NCDEX Soyabean is getting support at 3406 and below same could see a test of 3384 level, And resistance is now likely to be seen at 3447, a move above could see prices testing 3466.
Soyabean on NCDEX settled up by 0.59% at 3429 tracking firmness in overseas prices and spot prices on reports of good meal exports. Further, regular fall in arrivals in the physical market and a rise in demand from oil mills too added support to soybean prices uptrend.
However, expectation of good acreage for soybean this season, capped some gains. Soyabean also seen supported on reports that the US and Chinese officials were in talks to resolve trade war.
Soybean stocks are at multi-year low due to fall in output last year. India’s soybean acreage improved 6.4% to 10.15 million hectare until July 27, as per agriculture ministry data.
In the USDA weekly crop progress report, 70% of soybean is reported to be in good to excellent conditions unchanged from previous week and 11% high from last year in the same time frame.
Pod setting has been observed in 60 % of the crop against 5-year average of 41%. Soybean blooming has been reported in 86% of the crop against 77% of 5-year average. India’ soybean sowing picked up and recorded a growth of 6% on year thanks to good rains in main producing states Madhya Pradesh and Maharashtra.
Overall kharif sowing is still lower than last year due to lull phase of monsoon during June even after early onset. At the Indore spot market in top producer MP, soybean gained 5 Rupees to 3596 Rupees per 100 kgs.
Trading Ideas:
–Soyabean trading range for the day is 3384-3466.
–Soyabean prices gained tracking firmness in overseas prices and spot prices on reports of good meal exports.
–Soybean stocks are at multi-year low due to fall in output last year.
–NCDEX accredited warehouses soyabean stocks dropped by 20 tonnes to 4655 tonnes.
–At the Indore spot market in top producer MP, soybean gained 5 Rupees to 3596 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
