MARKET DEVELOPMENT
Commodity Watch: Bullish Trend in Chana, Malaysia Palm Oil Exports Tank
Commodity Watch: Bullish Trend in Chana, Malaysia Palm Oil Exports Tank
20/07/2015 (Indiainfoline) - CME Soybean futures finished lower by 4 to 8 cents. The August contract lost 1.7% from last Friday, down 17 cents on the week. Chinese new crop soybean export purchases are still light compared to year ago at 2.4 MMT vs. 7.0 MMT at this time last year. They continue to focus on buying South American beans for August and September shipment, with some October interest. Prices of the bean will also be under pressure on expectation of higher supply from United States after the United States department of agriculture (USDA) raised 2015â€16 United States soybean production forecast in its World Agriculture Supply and Demand Estimates report.
Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to see range bound trading as investors closely monitor developments with crude oil prices. Malaysia palm oil exports during July 1â€15 slipped 14.64% compared to a month earlier on weak demand from European Union, Indian & subcontinent and Middle East.
In Indian markets, Bullish trend is likely to continue in Chana futures due to paucity of rainfall in major kharif pulses growth states coupled with receding supplies of Chana at major trading stations. As per the update from market sources, most of kharif pulses growing states such as Maharashtra and Andhra Pradesh have reported deficient rainfall so far in the current year. The NCDEX August futures added 3.57 percent in the last trading to close at Rs 4618 per quintal. The NCDEX futures reduced 0.99 percent in open interest indicating short covering by traders.
Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is expected to see range bound trading as investors closely monitor developments with crude oil prices. Malaysia palm oil exports during July 1â€15 slipped 14.64% compared to a month earlier on weak demand from European Union, Indian & subcontinent and Middle East.
In Indian markets, Bullish trend is likely to continue in Chana futures due to paucity of rainfall in major kharif pulses growth states coupled with receding supplies of Chana at major trading stations. As per the update from market sources, most of kharif pulses growing states such as Maharashtra and Andhra Pradesh have reported deficient rainfall so far in the current year. The NCDEX August futures added 3.57 percent in the last trading to close at Rs 4618 per quintal. The NCDEX futures reduced 0.99 percent in open interest indicating short covering by traders.