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HNI Commodity Pack, Outlook is bullish for NCDEX soyabean
Soybean prices have seen a strong upsurge over the last couple of weeks. Before this up-move, the prices had been on a strong downtrend since September. The Centre’s move to increase the import duty on edible oils helped halt the downtrend and in triggering a trend reversal.
The soybean futures contract on the National Commodity and Derivatives Exchange (NCDEX) reversed sharply higher in the last two weeks after hitting a low of ₹2,767 per quintal on November 20. The contract has surged by 10 percent in the last two weeks to reach the current level of ₹3,061.
Outlook
The recent rally, which has taken the contract above the ₹3,000 psychological mark, keeps the outlook bullish. Immediate support is at ₹2,975 — the 100-day moving average which has been limiting the downside for more than a week now. The next key support is at ₹2,950 — the 55-week moving average. Dips to these supports may find fresh buyers coming into the market.
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