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Slight Pullback in Agri-Commodities & Weak Chinese Data Weighs Down Base Metals

By Research Team Thursday, Mar 14, 2019
COMMODITY

SOYBEAN Outlook

    • 11.00am ISTD1
    • High905.74
    • Low900.77
    • Close903.26

Soybean is trading at 903.24, 0.08% up since Wednesday. The pullback can be seen in Soybean prices due to mixed USD on account of political issue with Brexit as U.K Parliament is going to vote whether to delay Brexit or not.  Earlier, the commodity fell to three-month low due to rising supplies & lower demand from U.K & European regions following slowing economic growth. The changing weather condition in Argentina raises the production & supplies of Soybeans which pushed down the prices. Earlier, the firm USD as meeting between U.S & China seems to be having substantial progress resulting into delay on tariffs imposition on Chinese products which slightly cushioned the beans. Slight pullback may be seen for the day.

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Commodities Outlook

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 920.34300
R2 909.29000
R1 904.76300
Turnaround 898.24600
S1 893.71000
S2 887.19600
S3 876.14600
By Research Team Thursday, Mar 14, 2019
COMMODITY

NICKEL Outlook

    • 11.15am ISTD1
    • High13083
    • Low12823
    • Close13043

Nickel is trading at 13043, 0.39% up since previous day close. The Nickel is expected to open a lower note on Thursday due to selling in precious metals on account of mixed global cues. The China issued weaker than expected Industrial Production & Unemployment Rate which may further pressurize the Nickel as China is a major consumer of base metals. Earlier, the Nickel saw an upward momentum due to firm USD due to U.S-China trade conflicts, an uncertain outlook over Brexit, ECB’s steps towards cutting down Euro-growth forecasts & FOMC’s gradual approach regarding interest rate hike in near future. The stock level of all the base metals fell at LME as compared to last week which pushed up the Nickel prices. Slight buying may be recommended further for the day.

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Commodities Outlook

NICKEL

Intra Day
Near Day

Technical Levels

R3 13503.00000
R2 13243.00000
R1 13143.00000
Turnaround 12983.00000
S1 12883.00000
S2 12723.00000
S3 12463.00000