MENTHAOIL
Mentha oil trading range for the day is 1251.6-1355.6. Support for the Menthol
is seen at 1272.3 and below could see a test of 1251.6. Resistance is now likely
to be seen at 1324.3, a move above could see prices testing
1355.6.
Menthaoil May contract dropped Rs 37.6 and settled at Rs 1292.9 due to rising arrivals from the fresh crop amid higher production estimates.
Mentha Oil prices are expected to continue the correction on long liquidations during today’s trading session. Fresh crop arrivals has started coming to the spot market which is reported around 300 drums on daily basis in entire UP. Higher production estimates are also keeping prices under pressure. According to trade sources, prices might remain under pressure in near term as stockiest are waiting for further fall in prices to start procurement.
Menthaoil May contract dropped Rs 37.6 and settled at Rs 1292.9 due to rising arrivals from the fresh crop amid higher production estimates.
Mentha Oil prices are expected to continue the correction on long liquidations during today’s trading session. Fresh crop arrivals has started coming to the spot market which is reported around 300 drums on daily basis in entire UP. Higher production estimates are also keeping prices under pressure. According to trade sources, prices might remain under pressure in near term as stockiest are waiting for further fall in prices to start procurement.
CPO(Crude Palm Oil)
CPO trading range for the day is 578.6-585.4. Market is looking to take support
at 580.6, a break below could see a test of 578.6 and resistance is now likely
to be seen at 584, a move above could see prices testing 585.4. In yesterday's
trading session Crude Palm oil has touched the low of 580 after opening at 580,
and finally settled at 582.6.
Crude oil Palm oil futures in Malaysia edged up on Friday on rising exports ahead of the Middle East festivities in July.
Crude Palm oil yesterday traded with the positive node and settled 0.69% up at 582.6 as overseas prices gained on rising exports ahead of the Muslim fasting month of Ramadan in July, although investors were still cautious on lingering fear over the euro zone debt crisis.
Crude oil Palm oil futures in Malaysia edged up on Friday on rising exports ahead of the Middle East festivities in July.
Crude Palm oil yesterday traded with the positive node and settled 0.69% up at 582.6 as overseas prices gained on rising exports ahead of the Muslim fasting month of Ramadan in July, although investors were still cautious on lingering fear over the euro zone debt crisis.
SOYABEAN
Soybean trading range for the day is 3224-3322. Support for Soyabean is at 3241
below that could see a test of 3224. Resistance is now seen at 3290 above that
could see a resistance of 3321.
CME Soybeans uncovered underlying support on Friday as selling in the broad commodity markets stabilized and weather forecasts raise concerns with hot and dry Memorial Day weekend to be followed by mixed forecasts for rains next week.
Soyabean yesterday -0.28% due to profit booking after prices gained due to tight supplies on production cut in Argentina and Brazil, while prices are likely to drop in 2012-13 on higher production.
REFINED SOYAOIL
Ref soyoil trading range for the day is 724.75-729.95. Market is looking to take support at 725.5, a break below could see a test of 724.4 and resistance is now likely to be seen at 728.1, a move above could see prices testing 729.6. Ref Soyaoil has touched the low of 725.9 after opening at 728.3, and finally settled at 726.65.
Ref Soyoil yesterday traded with the positive node and settled 0.18% up at 726.65 tracking gains in spot market demand with gains in the global market supporting sentiment.
Soyoil prices have moved up in the last trading session. June future Soy oil prices were higher at Rs.727.65 up by 0.2%. Similarly, CBOT July futures ended higher at 50.56 levels up by 1.4%.
CME Soybeans uncovered underlying support on Friday as selling in the broad commodity markets stabilized and weather forecasts raise concerns with hot and dry Memorial Day weekend to be followed by mixed forecasts for rains next week.
Soyabean yesterday -0.28% due to profit booking after prices gained due to tight supplies on production cut in Argentina and Brazil, while prices are likely to drop in 2012-13 on higher production.
REFINED SOYAOIL
Ref soyoil trading range for the day is 724.75-729.95. Market is looking to take support at 725.5, a break below could see a test of 724.4 and resistance is now likely to be seen at 728.1, a move above could see prices testing 729.6. Ref Soyaoil has touched the low of 725.9 after opening at 728.3, and finally settled at 726.65.
Ref Soyoil yesterday traded with the positive node and settled 0.18% up at 726.65 tracking gains in spot market demand with gains in the global market supporting sentiment.
Soyoil prices have moved up in the last trading session. June future Soy oil prices were higher at Rs.727.65 up by 0.2%. Similarly, CBOT July futures ended higher at 50.56 levels up by 1.4%.
CHILLI
Chilli June futures prices took smart recovery on previous huge losses during
Saturday’s trading session. From opening of the session futures prices started
trading down on extended profit booking. However, later on prices recover on
lower level buying and futures prices ended the day on positive note.
Chilly posted stealth gains managing to retest early week highs.
Chilly posted stealth gains managing to retest early week highs.
CARDAMOM
Cardamom prices continued the corrections on profit booking during Saturday’s
trading session. From opening of the session futures prices started trading down
on expectations of timely arrival of monsoon. Spot prices also moved down and
traded below Rs. 800 per Kg. Therefore, on cues from spot activity futures
prices also declaimed and ended in red.
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