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 Ref.Soya Oil under fresh buying; Support seen at 731
Technically Soyabean market is under fresh buying as market has witnessed gain in open interest by 8.92% to settled at 184660 while prices up 5 rupees.
Now NCDEX Soyabean is getting support at 3311 and below same could see a test of 3294 level, And resistance is now likely to be seen at 3344, a move above could see prices testing 3360.
Soyabean on NCDEX settled up 0.15% at 3329 on short covering after prices seen pressure as arrivals will pick up after the assembly elections results. In recent session pressure also due to anticipation of improving arrivals after the elections are over in major producing state of Madhya Pradesh.
Soybean arrivals during October-November jumped to 4.1 million tons from 3.6 million tons a year ago, according to Soybean Processors Association of India (SOPA). India’s 2018-19 soybean output is projected 13.45 million tons as compared to 10.98 million hectare a year ago, showed agriculture ministry data.
According to senior government officials, China is likely to open its doors to soybean from India after allowing the import of non-basmati rice and raw sugar. AS per SOPA, India’s soymeal exports slumped 40% on year to around 60,000 tn in October.
Moreover, govt. plans to procure 44 lakh tonnes of oilseeds and pulses from farmers at MSPs in the ongoing kharif marketing season. Indonesia’s soybean imports in 2018 are seen ranging between 2.3 million and 2.5 million tonnes, below last year’s level of 2.67 million tonnes.
Imports will be lower as domestic output this year is expected to increase to 982,598 tonnes from 538,728 tonnes a year earlier, due to a larger plantation area. As per SOPA, India’s soymeal exports in 2018/19 could jump as much as 70% from a year ago, buoyed by expected purchases from the world’s biggest soybean buyer China.
Trading Ideas:
–Soyabean trading range for the day is 3294-3360.
–Soyabean gained on short covering after prices seen pressure as arrivals will pick up after the assembly elections results.
–Soybean arrivals during October-November jumped to 4.1 million tons from 3.6 million tons a year ago.
–NCDEX accredited warehouses soyabean stocks gained by 80 tonnes to 126924 tonnes.
–At the Indore spot market in top producer MP, soybean dropped -9 Rupees to 3376 Rupees per 100 kgs.
Courtesy: Kedia Commodities
Source: Commodityonline.com
