(prHWY.com) March 4, 2013 - indore, India -- HEADLINES
Soybeans jump 2 per cent on lower supplies, global cues
Soybean futures jumped nearly 2 per cent on Friday, supported by thin supplies and an upside in overseas prices due to strong demand from top importer China and tight US old-crop supplies. Soyoil and rapeseed rose, tracking gains in Malaysian palm oil prices, though a likely rise in rapeseed production weighed. As of 0803 GMT,Malaysian palm oil futures were up 0.28 per cent at 2,543 ringgit per tonne, while US soybeans rose 1.76 per cent to$15.14 per bushel. * "Soybean supplies are falling. Since prices are rising, farmers are holding back supplies. They expect a further rise in prices," said Vedika Narvekar, a senior analyst with Angel Commodities Broking. The actively traded soyoil contract for March delivery on the National Commodity and Derivatives Exchange was 0.99 per cent higher at 707.8 rupees per 10 kg.
TRADING TIP :
* SELL CHANA
WEEKLY MARKET ANALYSIS
ïƒ˜ Indian pepper futures fell due to estimates of higher output and weak exports, though
depleting stocks and thin supplies restricted the downside. The most-active pepper contract for March delivery on the NCDEX was 0.34 percent down at 37,910 rupees per 100 kg. "The trend looks weak in the short-term. The March contract can take support at 37,700-37,350 rupees per 100 kg," said an analyst from Kotak Commodities. Pepper output is likely to be higher this season as good yields are expected from the top-producing states of Kerala and Karnataka, traders said. Supplies from the new season crop start arriving from January to February.
ïƒ˜ Chilli futures in India expected to continue uptrend on firm demand from the overseas buyers along with lower output concerns. Firm demand in the physical markets for the ongoing festive seasons also supported the firm trend
ïƒ˜ Indian turmeric futures fell more than 2 percent on Thursday, weighed by a rise in the new season supplies, mounting carry-forward stocks and weak local demand. As of 1016 GMT, the most-active turmeric contract for April delivery on the National Commodity and Derivatives Exchange (NCDEX) was 2.26 percent lower at 6,140 rupees per 100 kg. About 10,000-12,000 bags (of 70 kg each) from the new crop are arriving daily at the Nizamabad market in Andhra Pradesh.
Indian jeera, or cumin seed, were steady on fresh overseas enquiries though new season arrivals, expectations of higher production and weak spot demand weighed on sentiment. Daily supplies from the new season crop rose to about 4,000 bags of 60 kg each from 2,000 bags last week at the Unjha market in Gujarat.Jeera is a winter crop sown from October to December and fresh supplies start arriving in FebruaryThe most-active jeera contract for March delivery on the NCDEX was steady at 13,262.5 rupees per 100 kg.
* SOYABEAN LOOKS UPWARDS
* TREND: CONSOLIDATED
* STRATEGY: BUY ON DIPS
* CHANA LOOKS DOWNWATDS
* TREND: CONSOLIDATED
* STRATEGY: SELL ON RISE
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