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Jan 09, 2013, 10.13 AM IST | Source: Moneycontrol.com

Soybean Feb Fut can test Rs 3260-3350: Emkay

Emkay Commodity Research has come out with its technical report on Soybean. According to the research firm, Feb Soybean has been holding well above Rs 3120 levels for the past two sessions. To attract any selling interest price needs to close below Rs 3120, failure of which can take back prices towards 3260 followed by 3350 levels.

Emkay Commodity Research has come out with its technical report on Soybean. According to the research firm, Feb Soybean has been holding well above Rs 3120 levels for the past two sessions. To attract any selling interest price needs to close below Rs 3120, failure of which can take back prices towards 3260 followed by 3350 levels. 

Soybean future prices were down at NCDEX on high deliver pressure and stock limit circular from the exchange forced paring of long positions.  Weak soymeal demand is also an important factor behind the weak demand of Indian soybean by the millers. However, CBOT soybean recovered from six week lows and ended slightly lower.  Soybean prices are likely to feature range bound movement with weak bias on lower soymeal demand and firm bias in CBOT cues.

Feb Soybean has been holding well above 3120 levels for the past two sessions. To attract any selling interest price needs to close below 3120, failure of which can take back prices towards 3260 followed by 3350 levels. 

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To read the full report click here

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