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Weak Agri-Commodities & Profit-Booking in Natural Gas

By Research Team Tuesday, Jul 9, 2019
COMMODITY

SOYBEAN Outlook

    • 12.22pm ISTD1
    • High899.05
    • Low893
    • Close895.02

Soybean is trading at $894.29, 0.31% down since previous day close. The downward momentum can be observed in Soybean prices as market remains cautious ahead of the FOMC Powell speech that will focus on rate cut decision. Also, the US Dollar Index strengthened post release of robust U.S Non-farm Payroll data last week which weighs down the commodities & agri-products as well. The weather conditions changed in Argentina which slowed down the production & supplies of Soybeans & hence, pushed down its prices as Argentina is a major producer of Soybeans. Strong selling may be seen for the day as the commodity successfully crossed down the MA (10) & MA (20).

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Commodities Outlook

SOYBEAN

Intra Day
Near Day

Technical Levels

R3 916.98000
R2 906.74000
R1 901.74000
Turnaround 896.50000
S1 891.50000
S2 886.25000
S3 876.02000
By Research Team Tuesday, Jul 9, 2019
COMMODITY

NATURAL GAS Outlook

    • 12.35pm ISTD1
    • High2.387
    • Low2.379
    • Close2.379

Natural Gas is trading at $2.383, 0.04% down         since previous day close. Slight profit booking can be seen in Natural Gas prices after rallying to recent highs as weather changed in U.S & European regions turning into colder from normal. The EIA report showed a mild changes in Natural Gas inventory level by 89B almost same as expectation of 85B. Last week, the EIA estimates showed a reduction in Natural Gas storage level at 98B from 115B in the previous week which slightly pushed up the prices. Besides this, the fluctuating USD amid upcoming Powell speech will remain vital for commodities. Buying on corrective dips may be recommended in the commodity on daily basis as it crossed MA (10).

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Commodities Outlook

NATURAL GAS

Intra Day
Near Day

Technical Levels

R3 2.54900
R2 2.47000
R1 2.43200
Turnaround 2.39100
S1 2.35300
S2 2.31200
S3 2.23300