MCX Mentha Oil likely to move in a range of 1257.9-1281.9
MCX Aluminium may trade between 138.2-140 levels
MCX Nickel under fresh buying; Support seen at 1232.4
NCDEX Chana under short covering; Resistance seen at 4076
MCX Zinc likely to move in a range of 181.2-187.6
Soyabean on NCDEX settled down -0.2% at 3895 on weak demand in the domestic markets. However, lower acreage expectations after reports that farmers of Madhya Pradesh and Maharashtra may switch to pulses and other cash crop due to lower crushing demand, capped some losses. The USDA in its monthly report is expected to trim its estimate for 2016-17 U.S. and world soybean ending stocks from last month.
However, sharp gain in the yellow bean prices was capped by soybean oilmeal exports slumped 92.77% to 1,015 tons in June compared to 14,046 tons for the corresponding period a year earlier, data released from Solvent Extractors Association of India (SEA) showed. US soybean planting is 83% complete as on 5 June 2016 which is up from 77% during corresponding period last year and also above from 5 year average of 77%. Further, about 65% of the newly planted US soybean has emerged which is up from 60% during the corresponding period last year and also up from 5 year average of 57%.
About 72% of the newly planted US soybean crop is under good to excellent conditions which up 69% during the same period last year. US processors have crushed 4.75 million tons of soybean during April which is down from 4.99 million during the month of March, said USDA. Technically market is under fresh selling as market has witnessed gain in open interest by 7.73% to settled at 78280 while prices down -8 rupee, now Soyabean is getting support at 3873 and below same could see a test of 3852 level, and resistance is now likely to be seen at 3915, a move above could see prices testing 3936.
--Soyabean trading range for the day is 3852-3936.
--Soyabean prices dropped on weak demand in the domestic markets.
--The USDA in its monthly report is expected to trim its estimate for 2016-17 U.S. and world soybean ending stocks from last month.
--NCDEX accredited warehouses soyabean stocks gained by 89 tonnes to 27104 tonnes.
--At the Indore spot market in top producer MP, soybean dropped -11 rupee to 3987 rupee per 100 kgs.Courtesy: Kedia Commodities