NCDEX Soybeans futures pared the recent gains today as frail global cues hurt the oils seeds complex and traders shunned away from entering fresh longs as a mammoth drop in the crude oil prices triggered concerns about the prospects of the commodities complex in general.
Soybeans ended near day's highs yesterday, gaining on the continued strength in the spot prices as the quotes in Indore hit a two-month high of Rs 1739 per quintal on stockists buying.
However, the futures retreated today, dropping below Rs 1700 a quintal in intraday moves. The commodity market participants were quick to note the latest drop in the crude oil prices. Oil fell to near a 3-year low below $49 a barrel Tuesday in Asia, as more bleak US economic news and plunging stocks markets darkened investor expectations for crude demand. Light, sweet crude for January delivery was down 1.28 cents to $48 a barrel in electronic trading.
The Malaysian CPO futures are also quoting lower by MYR 58 per tonne to MYR 1570 per tonne for the benchmark February contract.
NCDEX January 2009 futures are trading at Rs 1707, down Rs 13 per quintal or 0.76% with 3.24% decline in the open interest. Declines to Rs 1700 provide a good opportunity to enter long in the commodity.
Soybeans ended near day's highs yesterday, gaining on the continued strength in the spot prices as the quotes in Indore hit a two-month high of Rs 1739 per quintal on stockists buying.
However, the futures retreated today, dropping below Rs 1700 a quintal in intraday moves. The commodity market participants were quick to note the latest drop in the crude oil prices. Oil fell to near a 3-year low below $49 a barrel Tuesday in Asia, as more bleak US economic news and plunging stocks markets darkened investor expectations for crude demand. Light, sweet crude for January delivery was down 1.28 cents to $48 a barrel in electronic trading.
The Malaysian CPO futures are also quoting lower by MYR 58 per tonne to MYR 1570 per tonne for the benchmark February contract.
NCDEX January 2009 futures are trading at Rs 1707, down Rs 13 per quintal or 0.76% with 3.24% decline in the open interest. Declines to Rs 1700 provide a good opportunity to enter long in the commodity.
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