NCDEX Soybean Nov fut may go upto Rs 3282: Emkay
Emkay Commodity Research has come out with its report on Soybean. The research firm says NCDEX Soy bean Nov '12, futures prices moved up significantly to settle at Rs 3211 levels.. Prices could escalate to Rs 3246 level breach of this it could extend to Rs 3282 levels.
Emkay Commodity Research has come out with its report on Soybean. The research firm says NCDEX Soy bean Nov '12, futures prices moved up significantly to settle at Rs 3211 levels. Prices could escalate to Rs 3246 level breach of this it could extend to Rs 3282 levels.
Soybean Fundamental Snapshot:
Firm bias witnessed in domestic soybean market in today’s trade session as a result active buying activities at increased arrivals. Soybean prices at Indore market moved up by Rs 41 per quintal to Rs 3153 per quintal. In Nagpur market, soybean prices moved up by Rs 43 per quintal to Rs 3138 per quintal. At the same time, soybean prices at Kota market moved up by Rs 55 to Rs 3240 per quintal. Arrivals for MP market have further increased by 0.75 lakh bags to total at 4.25 lakh bags. Maharashtra and Rajasthan markets reported one lakh bags of 90kg arrivals in today’s trade session. Prices around Rs 2900-3100 per quintal will be the most buying opportunity for the physical market buyers as sharp fall in prices may promote farmers to hold the stocks back. CBOT soybean prices are hovering at 1509.25 cents/bushel which likely to rebound from this level towards 1560 cents/bushel on better demand support from China. As per sources, Chinese soybean imports may reach to 3.5 million tonnes for Oct’12. As per SEA’s of India, India’s vegetable oils (edible & non-edible) during first 11 months of current oil year rose by 17.80% increase in import. On strengthening of Indian rupee against dollar helped in for increased import activities.
NCDEX Soy bean Nov '12, futures prices moved up significantly to settle at Rs 3211 levels. Market has give internal terndline breakout to signal further appreciation in the price. Prices could escalate to Rs 3246 level breach of this it could extend to Rs 3282 levels. Support is at Rs 3142 levels and next support is at Rs 3074 levels. Volumes showed positive movement from 151390 to 217650MT ,Open interest declined to 128490 from previous day's of 149810. RSI is showing the sign of appreciation in the price. Warehouse stocks as on yesterday in Indore is 299 MT, increased by 120 and in Kota stocks are at 2080 MT, increased by 1178 MT. Spread is at -35.5 rupees between Soy bean Nov '12, and Soy bean Dec '12.
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