Fortune Financial Servies has come out with its report on agro commodities. According to the research firm, NCDEX Soy Oil future contract is expected to remain Negative on chart, traders can sell and intraday resistance is seen near Rs 704.32-708.33 & 711.67. Intraday support is seen near Rs 696.97-693.63 & 689.62.
Soybean futures ended higher today tracking the rise in spot prices and weak trend in rupee against the dollar, while mustard futures closed lower due to high output expectations. Palm oil futures ended lower due to weak demand in the spot markets, but the downtrend was limited due to rise in benchmark Bursa Malaysia futures. Cardamom futures on the MCX closed over 2% lower due to ample supplies and poor demand. Most coriander contracts ended down 2.5%, tailing spot prices, which fell due to higher arrivals and weak domestic demand. Jeera futures were weighed by new crop arrivals and sluggish domestic demand. Commencement of new crop arrivals pulled down turmeric and pepper futures. Jeera futures are also expected to trade lower in the near term due to higher output estimates. Also, thin trade may weigh on jeera prices as stockists have retreated to the sidelines as they are waiting for new crop arrivals to pick up, Even though production is expected to fall, chilli prices are seen trading down in the near-term due to lower offtake from stockists and bulk buyers. Coriander futures are expected to trade lower in the near-term due to high carryover stocks and poor domestic demand. A sharp fall in prices may be limited due to lower rabi production estimates. NCDEX Soy Oil future contract is expected to remain Negative on chart, traders are advised to sell and intraday resistance is seen near 704.32 , 708.33 & 711.67 . Intraday support is seen near 696.97 693.63 & 689.62 NCDEX Soy bean future contract is expected to remain Negative on chart, traders are advised to sell and intraday resistance is seen near 3264.83, 3289.67 & 3308.33 . Intraday support is seen near 3221.33 3202.67 & 3177.83 Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. To read the full report click on the attachmentDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
