Nickel market under short covering; Support seen at 770.9
Zinc market under short covering; Support seen at 186.6
MCX Copper likely to trade in a range between 429.5-443.9
MCX Natural Gas likely to trade in a range between 289.5-343.3
NCDEX Soyabean under fresh buying; Resistance seen at 3344
Technically Ref.Soya Oil market is under fresh buying as market has witnessed gain in open interest by 0.65% to settled at 35350 while prices up 4.05 rupees.
Now NCDEX Ref.Soya Oil is getting support at 731 and below same could see a test of 728 level, And resistance is now likely to be seen at 736, a move above could see prices testing 738.
Ref.Soya Oil on NCDEX settled up 0.55% at 734.1 on short covering after prices dropped on expectations of higher domestic availability of soyOil on the back of bumper output of soybean.
India’s 2018-19 soybean production is projected at 13.46 million tons, up 22.5% over previous year, agriculture ministry data showed. India’s October soyOil imports were down at 264,089 tons from 341,402 tons a month ago but traders are expecting higher imports in coming months.
According to United States Department of Agriculture (USDA) November estimate, U.S 2018/19 ending stocks of soy Oil is fell 9.5 percent to 1,915 million lbs from 2,116 million lbs in earlier estimate.
Opening stocks are lowered to 1,990 million lbs from 2,206 million lbs. Production of soy Oil in 2018/19 is lowered to 26,315 million lbs from 26,416 million lbs in its earlier estimate. Imports in 2018/19 are kept unchanged at 300 million lbs.
Government plans to procure 44 lakh tonnes of Oilseeds and pulses from farmers at MSPs in the ongoing kharif marketing season that started Oct 1. Improving physical demand and increase in steep hike in tariff value by $40 to $741 per tn for the second half of October by government is supporting prices. Moreover, there is consistent increase in demand from stockists due to coming festivals.
Trading Ideas:
–Ref.Soya Oil trading range for the day is 727-739.
–Ref Soy Oil gained short covering after prices dropped on expectations of higher domestic availability of Soy Oil.
–India’s 2018-19 soybean production is projected at 13.46 million tons, up 22.5% over previous year, agriculture ministry data showed.
–India’s October Soy Oil imports were down at 264,089 tons from 341,402 tons a month ago but traders are expecting higher imports in coming months.
— At the Indore spot market in Madhya Pradesh, soyOil was steady at 735 Rupees per 10 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
