Refined Soy Oil likely to trade sideways 649-655 range
Commodity Online | October 14 2016
UPDATED 09:27:53 IST

MCX Mentha Oil likely to move in a range of 944-965.6

MCX Aluminium may trade between 142.7-145.5 levels

MCX Nickel likely to move in a range of 1043.9-1081.7

MCX Copper under fresh buying; Support seen at 520

MCX Zinc under long liquidation; Resistance seen at 192.3

Turmeric futures (Nov) may face resistance near 7200 levels. Spot turmeric prices at Erode markets decreased on Thursday despite lower arrivals. Only 1,400 bags of medium and poor quality turmeric arrived for sale. The traders quoted decreased price for some bags and only 65 per cent stocks were sold. The upcountry demand is very poor. Regarding the price of the commodity, the finger variety was down by Rs.300 a quintal and the root variety by Rs.200. At the Erode Turmeric Merchants Association sales yard, the finger turmeric was sold at Rs.7,218-8,855 a quintal; the root variety Rs.7,155-7,699.

Cardamom futures (Nov) will possibly consolidate in the range of 1110-1140 levels. Harvesting is in full swing now in all the estates and according to the trade in Bodinayakannur 75% of the capsules arriving at the auctions are from the new crop. Condition of the late crop would mainly depend on the behaviour of the ensuing North East monsoon. Total arrivals during the season from August 01 up to October 1, 2016 were at 4,141 tonnes and sales were at 3,819 tonnes.

Jeera futures (Nov) may witness a consolidation in the range of 16585-16900 levels. Currently, the farmers are not carrying cumin in market, whereas stockiest are buying as per their immediate requirements. Demand of seed cumin expected to start by the mid of October. A large quantity of cumin will be used as seed as farmers are likely to cultivate more this season due to better realization.

Soybean futures (Nov) may consolidate in the range of 3050-3140 levels. Soybean production in Madhya Pradesh is expected to be over 60 per cent than previous year, according to the first crop estimate of Soybean Processors Association of India (SOPA). SOPA has estimated soybean production in the state at 55.863 lakh tones as against 34.125 lakh tonne a year ago. The estimated growth in the output is expected due to improvement in yields from 608 kg per hectare a year ago to 1,034 kg per hectare this season. On CBOT, the most active soybean futures were down nearly 0.5 percent over the week, giving back all their gains from the week before. Soybean prices face resistance from a record-large U.S. crop. The U.S. Department of Agriculture on Wednesday raised its forecast for U.S. soybean production to 4.269 billion bushels.

Mustard futures (Nov) will possibly find some support near 4450 levels. There may be tight supply in coming months as the stocks may exhaust till new crop arrival in Feb, as 15 lakh tonne is available with average monthly crushing estimated at 3 lakh tonne. New mustard crop will arrive only after February.

Refined soy oil futures (Nov) is likely to trade sideways in the range of 649-655 levels. The counter is likely to get support from the rising edible consumption during the upcoming festive season. CPO futures (Oct) might face resistance near 516 levels. Demand is seen slowing in the final quarter of the year when consumers in the northern hemisphere switch to soyoil, as palm solidifies in colder temperatures.

Soybean futures (Nov) may consolidate in the range of 3050-3140 levels. Soybean production in Madhya Pradesh is expected to be over 60 per cent than previous year, according to the first crop estimate of Soybean Processors Association of India (SOPA). SOPA has estimated soybean production in the state at 55.863 lakh tones as against 34.125 lakh tonne a year ago. The estimated growth in the output is expected due to improvement in yields from 608 kg per hectare a year ago to 1,034 kg per hectare this season. On CBOT, the most active soybean futures were down nearly 0.5 percent over the week, giving back all their gains from the week before. Soybean prices face resistance from a record-large U.S. crop. The U.S. Department of Agriculture on Wednesday raised its forecast for U.S. soybean production to 4.269 billion bushels.

Mustard futures (Nov) will possibly find some support near 4450 levels. There may be tight supply in coming months as the stocks may exhaust till new crop arrival in Feb, as 15 lakh tonne is available with average monthly crushing estimated at 3 lakh tonne. New mustard crop will arrive only after February.

Refined soy oil futures (Nov) is likely to trade sideways in the range of 649-655 levels. The counter is likely to get support from the rising edible consumption during the upcoming festive season.

CPO futures (Oct) might face resistance near 516 levels. Demand is seen slowing in the final quarter of the year when consumers in the northern hemisphere switch to soyoil, as palm solidifies in colder temperatures.

Courtesy: Smc Comtrade

Commodity Arrivals Rate
Mustard Oil 1 10300.00
Coconut Oil 0.1 18100.00
Arecanut 4 36588.00
Sugar 30 3550.00

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