| Date: |
12-05-2010 |
| Subject: |
India: Soybean imports gain in China |
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AHMEDABAD (Commodity Online): According to reliable sources, China’s soybean imports may jump to a record 46 million metric tons in the 2009-2010 year as shipments in the next three months are expected to surge.
“Technically, range for Soybean is from 2050 to 1930,” said Anil Patadia, Commodity Analyst with Commodity Online.
Soybean prices are moving range bounded since last few days due to higher arrivals from US countries as well as increased import demand. Soybean May contract opened at Rs 2017, lower by Rs 3.5 per quintal this morning on NCDEX. 14 days RSI is at 45 and is moving downward.
“Overall, Soybean is weak as overseas demand is dull. It may continue to fall in long term but can increase on support of China’s imports,” said Patadia.
Source : commodityonline.com
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