Commodity Updates for Today (3rd July) – Copper Tips

Soy Oil

Soy oil prices at Mumbai markets are trading at Rs 628 per 10 kg. Going forward, these are expected to head lower. Hopes of an increase in import duty on edible oils amid positive global cues could lend support to prices in the near term.

Castor Seed

Castor seed prices are likely to rise on good demand amidst lower arrivals. Recently, prices have dropped sharply despite supporting fundamentals, due to GST (goods and services tax) confusion. Heavy rains were reported across the castor belts of Gujarat and Rajasthan. Early and timely rains could influence farmers to shift towards other crops which will limit the land for castor sowing. Anticipation of lower acreage is likely to support the prices in spot market. Prices are expected to touch Rs 4,450–4,500 per quintal from the current level of Rs 4,375 in the coming week.

BUY COPPER AUG ABOVE 386 TARGETS 390/394 STOPLOSS 382

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