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Agri-Products Sliding Down & Upcoming EIA Natural Gas Estimates

By Research Team Thursday, Dec 6, 2018
COMMODITY

SOYBEAN Outlook

    • 12.13pm ISTD1
    • High911.76
    • Low905.74
    • Close907.28

Soybean is trading at 907.51, 0.08% down since Wednesday. A tight range can be seen in the Soybean prices as climatic conditions in Argentina changed which resulted into hot & dry weather affecting the production & output level of the beans. Last weekend, the Chinese President Jinping asked to continue the purchases some of the U.S energy & agri commodities & reduce the tariffs on U.S made vehicles by 40% in turn of postponing U.S tariffs on China of levying 25% over existing 10% tariffs which widely cushioned the prices. Strong buying may be recommended for the day in Soybean as it successfully crossed the major resistance area of previous high of 900.00 levels.

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Commodities Outlook

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 928.83000
R2 920.58300
R1 916.65600
Turnaround 912.33300
S1 908.40200
S2 904.08300
S3 895.83300
By Research Team Thursday, Dec 6, 2018
COMMODITY

NATURAL GAS Outlook

    • 12.30pm ISTW1
    • High4.623
    • Low4.395
    • Close4.438

Natural Gas is trading at $4.438, 0.02% down since previous day close. The slight profit-booking can be seen in the Natural Gas prices ahead of the outcome of Energy Information Administration (EIA) report which is to be planned on Friday. Last week, the EIA estimates showed a drop-down in inventory level by 59B against the expectation of drop-down of 76B. The changing weather conditions turning chilled from normal in the U.S & European regions increases the demand of heating fuels like Natural Gas. The decline in Oil prices increases the prices of its substitute. Strong buying may be recommended on an intraday basis as the Natural Gas is trading above the major resistance level.

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Commodities Outlook

Natural Gas

Intra Day
Near Day

Technical Levels

R3 4.94100
R2 4.71300
R1 4.57500
Turnaround 4.48500
S1 4.34700
S2 4.25700
S3 4.02900