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Showing posts with label crude oil tips. Show all posts
Showing posts with label crude oil tips. Show all posts

Thursday, 14 February 2019

Turmeric futures (Apr) is expected to take support near 6280 levels & witness short covering taking positive cues from the spot markets.


CAPITALSTARS INVESTMENT ADVISOR

Arrivals of new turmeric to the markets in Erode increased. The price of finger and root varieties of new turmeric, too, improved. The traders have purchased all the arrivals. The arrivals to improve further from next week and the traders may buy more as they have received some fresh upcountry demand. Jeera futures (Mar) is expected to rally towards 15700- 15800 levels, taking support near 15540. Spot jeera prices continued to rule steady at major markets in Gujarat in limited trade on Tuesday id matching demand and supply. This season, Gujarat has witnessed lower sowing, but due to cool weather persisting for a longer time, the yields are expected to get better. In Rajasthan, the climatic conditions are also proving to be beneficial for the standing crop & hence the production is likely to be higher. Coriander futures (Apr) is expected to plunge towards 6000-5900 levels. Spot coriander prices are trading with a bearish bias at major markets in Gujarat, Madhya Pradesh and Rajasthan due to heavy arrivals from the ample old stocks. While, prices quoted lower at major markets in Gujarat due to increased arrivals & having higher moisture content. On the other hand, there was no report of new crop arrival in Madhya Pradesh.

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Wednesday, 13 February 2019

The short covering in soybean futures (Mar) may face resistance near 3790 levels.


India’s soybean output is likely to rise by a staggering 38 per cent this year on a sharp increase in average yield across the country, following favourable climatic condition in major cultivating states including Madhya Pradesh, Maharashtra and Rajasthan. Data captured through the latest assessment of farmers, traders and other stakeholders by the apex industry body the Soybean Processors’ Association (SOPA) showed India’s total soybean output standing at 11.48 million tonnes during the ongoing harvesting season as compared to 8.36 million tonnes in the previous season. Mustard futures (Apr) is expected to trade with an upside bias taking support near 3900 levels. Heavy rains and hailstorms that lashed northwestern India last week have caused damage to the oilseed. Ref. soy oil futures (Mar) is expected to trade with a negative bias & remain below 763 levels. The market participants are expecting huge soyoil imports near to 4 lakh tons in month of Feb. Bulk stocks shall continue to add pressure on market sentiments. The short covering in CPO futures (Feb) may remain restricted to 564 levels. Malaysian palm oil futures slipped on Tuesday, posting a third day of declines amid slowing export demand. On the international market, weak external markets, led by the falls in crude and U.S. soyoil, also weighed on palm.

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Monday, 11 February 2019

 The correction in soybean futures (Mar) may witness a halt & take support in the range of 3750-3700 levels.

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The 
sentiments are turning optimistic after the export data highlighted a sharp jump in soybean meal exports to Iran during the period 
April 2018-January 2019 to 2.8 lakh tonnes from 23,000 tonnes last year. In the wake of economic sanctions by the US, Iran 
turned to India to meet its soybean meal requirements. To support this, Iran started accepting payments in Indian currency, used it 
to pay India for imports. The hopes of more exports are rising as Iran could use the opportunity to meet its soybean demand from 
India, because it does not produce enough of the protein-rich soymeal domestically. Mustard futures (Apr) is expected to trade with 
a downside bias & may even test 3900 levels. The prospects of rape meal exports to China amid US-China trade tensions are less 
likely to yield any fruit for Indian oilmeal exports & may not resume during current financial year as procedure for registration with 
MoA, China is too cumbersome, lengthy and time consuming to complete all formalities. CPO futures (Feb) is in the overbought 
region & correction may emerge due to profit booking & also facing resistance near 576 levels. Moreover, the India's January 
imports of palm oil, including crude and refined variants, are seen at around 900,000 tn, up 12.5% from December. Globally, the 
market participants are worried amid pessimism over trade and global growth after the breaking news that President Donald Trump 
won’t meet Chinese President Xi Jinping before a March 1 deadline to avert new U.S. tariffs on Chinese goods.




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Thursday, 7 February 2019

Soybean futures (Feb) is expected to witness more correction towards 3730-3700 levels. 

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The demand from millers and crushers also remained subdued in domestic market with ongoing lean season of soybean. The prices in physical markets also fell significantly with absence of buyers to purchase at present higher levels. Meal export demand remained silent from past couple of weeks as most of the crushers realized Iranian demand has been shifted to Brazil front due to significant pricediscounts. Mustard futures (Feb) is likely to fall further towards 3880 levels. The continuous offloading of old stocks by traders and government agencies are continuously building selling pressure on physical markets. The left-over stock with NAFED is now close to 2.18 lakh tons. Additionally, the recent rain and less foggy days are proving to be beneficial for the mustard crop & raising the prospects of higher output this season. Three spells of rains in December and January have boosted moisture in the soil, which increased yields in Rajasthan. Mustard carryover stocks are seen at 500,000 tn in the year ended January, up from 400,000 tn last year. CPO futures (Feb) is likely to witness profit booking from higher levels towards 561. India's January imports of palm oil, including crude and refined variants, are seen at around 900,000 tn, up 12.5% from December. Internationally, Palm oil production in Malaysia is seen unchanged on year at 19.5 mln tn in 2019 while output of the edible oil in Indonesia is seen growing by around 3 mln tn on year to 45 mln tn. 


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Monday, 4 February 2019

Cotton futures (Feb) is expected to fall further towards 20400 levels. 



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The sentiments are bearish on account of weak demand from both yarn mills and overseas markets. Presently, the export demand is sluggish as the prices being offered at around 74-75 cents per pound are higher as compared to the global market. Day’s ahead, the talks on US-China trade situations will give direction to the cotton prices in the international market. Guar seed futures (Feb) may trade in a consolidated range of 4240-4300 levels, while guar gum futures (Feb) is expected to move sideways in the range of 8475-8610 levels. Due to lack of fundamentals & lack of clarity in direction of prices, the buyers are staying away from fresh buying. Anticipation of 60% probability of El Niño conditions to form and continue through the Northern Hemisphere spring 2019 has induced cautiousness among the market participants. However, one must keep a close look as both the counters are witnessing consolidation & open interest is declining, giving an indication of a possible trend reversal. The trend of chana futures (Mar) is bearish & hence the short covering may face resistance near 4280-4300 levels. Overall, the sentiments are weak due to higher arrivals of new crop and the rise in selling pressure by the NAFED, especially in the states of Madhya Pradesh and Rajasthan. Mentha oil (Feb) is likely to show an upside momentum & the upside may get extended towards 1620 levels. The sentiments are turning positive on account of delayed sowing due to untimely rains which may bring a considerable dip in the crop yield.

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Soybean futures (Feb) is expected to take support near 3750 & trade with an upside bias.

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Despite weak physical demand, both soy oil and soybean ruled firm amid declining arrival and weak availability of soybean seeds with the crushers, with soy refined quoted at ₹778-80 for 10 kg, while soy solvent ruled at ₹745-50. In the global market, the traders would be staying cautious to take conclusions from the USDA’s final report on 2018 crop production & monthly crop supply/demand report on Feb. 8, which were delayed by the partial U.S. government shutdown that ended last week. The recovery in mustard futures (Feb) seems to be temporary and may face resistance near 4020 levels. The continuous offloading of old stocks by traders and government agencies are continuously building selling pressure on physical markets. The left-over stock with NAFED is now close to 2.18 lakh tons. Additionally, the recent rain and less foggy days are proving to be beneficial for the mustard crop & raising the prospects of higher output this season. CPO futures (Feb) has been witnessing one sided rally for the past five weeks & may remain stable in the range of 560-570 levels. Malaysian palm oil futures moved higher on Monday, supported by expectations of easing inventory levels. However, a stronger Ringgit capped gains. Malaysian markets are closed from the afternoon session for the Lunar New Year holiday and will reopen on Thursday

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