Soybean futs may trade with downward bias

(Moneycontrol) – Kotak Commodity has come out with its report on Oilseeds. As per the research firm Soy bean futures are expected to trade with a downward bias during the session.

Soybean: Soy bean futures are expected to trade with a downward bias during the session. Euro zone debt crisis continue to weigh market sentiments. Weak cues from international markets will support the weakness in prices. Meanwhile depreciating rupee against the US dollar will limit the downside. The NCDEX December contract is getting support near Rs.2200-2210/qtl while resistance is seen near Rs.2280-2290/qtl. ACE December is getting support near Rs. 2200-2210 and resistance is seen near Rs.2280-2290/qtl.

Refined Soybean Oil: Refined soy bean oil futures are expected to note some losses during the session tracking weak cues from CBOT soy bean oil and Malaysian palm. The NCDEX December contract is getting support near Rs.630-631 and resistance is seen near Rs.641-642. ACE December contract is getting support near Rs. 630-631 and resistance is seen near Rs. 641-642.

Rapeseed: Mustard seed prices at the futures counter is expected to note some losses as the demand eases for oil and meal at the spot markets. For intraday we expect the prices to note some declines tracking cues from soy complex. The NCDEX December contract is getting support near Rs. 3100-3115 while resistance is seen near Rs. 3200-3210. ACE December contract is getting support near Rs.3100-3115 and resistance is seen near Rs.3200-3210.

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