RM SEED:
RM seed future prices traded up tracking good demand of meal particularly from N. India and strong signal from Soy complex. Arrivals was 6.5 Lakh bags, higher than Saturday but is 1 Lakh bags lower than the average arrival of the season.
Spot price of Mustard rose by 1.5% to 3,625-3,630 Rs/Q. Mustard oil witnessed uptrend in Rajasthan and Gujarat. Rise in Soybean and Soyoil have made farmers hold back their mustard stocks to fetch better price in future. Also, current festive demand is likely to aid in firming the demand.
RM seed is expected to trade with firm bias on good meal demand and lower arrivals than the average.
Technical:
May RM Seed settled on firm bias above key levels of 3620 for the third consecutive day, leaving room for additional gains towards 3660 followed by 3700 levels.
Buy on dips would be the strategy for the time being.
Contract - May
Strategy - Buy
Entry - 3600-3620
Target - 3700
Stop loss - 3550
PALM OIL:
CPO at MCX ended up tracking 1.7% gains in BMD amid continuous falling supplies of S. Asian countries.
Reports of lower production and higher export data followed by sharp fall in inventories are likely to support the prices upside. Indonesia's inventories of the tropical oil dropped 14% to 3 MMT in February from a month earlier and in Malaysia it dropped by 7% to 2.27 MMT.
CPO is expected to trade in range with firm bias tracking gains in BMD on reducing inventories and lower production status. However, market is expected to remain cautious amid industry reports awaited on Wednesday.
Technical:
MCX CPO May is expected to trade sideways to higher from current levels towards 474 levels as price has settled well above 465 levels.
Any intraday declines can't be ruled out towards 465 levels. A close below 460 can change our bias.
Contract - April
Strategy - Buy
Entry - 465
Target - 474
Stop loss - 460
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