Chilly prices witnessed stark weakness losing about 8% since Thursday. Jeera attempted a cautious upside move while being contained under the Rs14,500 resistance level.
Pepper remained mostly flat after falling sharply on Friday. Turmeric registered massive gains breaching multiple resistances above the psychological Rs5,000 level.
US soybean futures ended with modest gains, breaking a three-day string of losses. Market managed to rebound from declines that held for most of the day, with buying emerging near the close as traders covered shorts ahead of the weekend.
Lingering worries about crop potential in southern Brazil and unwinding of long corn/short soybean spreads aided the recovery.
Soy product futures end mostly lower, succumbing to broader commodity weakness in the absence of fresh supportive news. Soyoil continued to before better versus soy oil as traders are optimistic about world veg oil demand.
BMD CPO futures ended mostly lower Friday amid weak demand and declines in other asset classes due to persistent concerns about approval of a bailout package for Greece.
However, the declines were limited as some shorts opted to cover ahead of the weekend. Easing fears about supply tightness in South America and weak exports continued to depress palm sentiment. SGS exports for Feb1-10 were pegged at 0.34mn tons, a mom decline of 4.3%.
Indian oilseed and edible oil markets remained mostly flat to marginally higher in the absence of specific leads to propel the market either way. Prevailing indecisiveness at the global front with both the MPOB and USDA reports turning out to be weaker, weighed on the sentiment.
Currently, BMD is trading higher by MYR40 at MYR3,170 and e-CME soy oil is also higher by 40 points at 52.95cents. Crude Oil is trading higher by 93 points at US$99.6.
Courtesy: IIFL
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