NCDEX Soybeans drifted lower by more than 1% in the early moves today, recording their third consecutive loss and broke below the Rs 1600 barrier for NCDEX December as traders continued to cover positions in the near month contract in a feverish manner. The NCDEX December futures hit a low of Rs 1592 per quintal and currently trade at Rs 1600, down Rs 14 per quintal or 0.90%.
The current setback has come on the back of a severe downturn in the spot market, which tumbled by Rs 30 in a single day to Rs 1600 earlier in the week. The markets in Indore and Alwar have opened on a sluggish note today as well. Spot quotes are hovering just a tad below Rs 1600 – the lowest level in 13 months for the commodity and futures are unlikely to rally much in intraday moves. NCDEX December contract would be tantalizingly eying Rs 1600 and if the prices mange to stay above the same level, the counter is expected to hit a high of Rs 1610 followed by Rs 1618 in the course of the day.
The current setback has come on the back of a severe downturn in the spot market, which tumbled by Rs 30 in a single day to Rs 1600 earlier in the week. The markets in Indore and Alwar have opened on a sluggish note today as well. Spot quotes are hovering just a tad below Rs 1600 – the lowest level in 13 months for the commodity and futures are unlikely to rally much in intraday moves. NCDEX December contract would be tantalizingly eying Rs 1600 and if the prices mange to stay above the same level, the counter is expected to hit a high of Rs 1610 followed by Rs 1618 in the course of the day.
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