Gold is not giving up its sluggishness. The price of gold on Comex is trading at the level of $ 1760. Here crude is slowly increasing its pace, has it moved towards $100. But today we will talk about soybean first. What’s going to fall further in soybeans? Why are experts talking about being careful with soybeans? On this we take a look.
Be careful with soybeans!
There is a possibility of a fall in soybean. In fact, global soybean production is expected to increase. It is estimated that palm, sunflower production, including soybean, may increase. Here the global soybean production can increase to 740 lakh tonnes. Due to which it may decline.
Slippery road ahead!
On the other hand, when it comes to global mustard production, it has reached a 13-year low. Global mustard production is likely to come down to 620 lakh tonnes in 2021-22. Oilseed production has seen a faster increase than consumption. At the same time, there is a rapid increase in the global oil seed acreage.
Meanwhile, the UP government has given a gift to the sugarcane farmers. The Uttar Pradesh government has increased the price of sugarcane by Rs. The government has increased the price from 325 quintals to 350 quintals. This decision of the government will benefit 45 lakh sugarcane farmers. The UP government says that this will increase the income of farmers by up to 8%.
Brokerage is watching the price of crude go up to $100
On the other hand, talking about non-agri commodities, there is a boil in crude and it has reached a 3-year high. Crude oil has seen a jump of about 7 percent in 1 week. There has been an increase in travel, industry demand in Asia, Europe. Crude supplies from the US Gulf are still tight. US crude inventory has reached the lowest level since October 2018. TRAFIGURA says that the price of crude oil is expected to reach $100 by the end of 2022. Along with this, BoA has also projected the price of crude to reach $100 in the next 6 months.
trading in base metals
There is a mixed trend from metals in the global market. Metals are under pressure from China’s dual policy. On Friday, there has been a big fall in all metals except copper. Fall in China’s copper inventories supported the prices. Aluminium, lead were down 5-5% in the last trading session. The Fed’s remarks are expected to reduce property purchases.
Investment Advice by KUNAL SHAH of NIRMAL BANG COMMODITIES
BUY SOYBEAN 6000 TGT 6250 SL 5910
BUY GUARSEED 5900 TGT 6150 sl 5800
JATEEN TRIVEDI’S INVESTMENT ADVICE OF LKP SECURITIES
BUY COPPER OCT AT 720 SL 714 TARGET 732
BUY SILVER DEC AT 60500 SL BELOW 60000 TARGET 61500
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