Downward pressure continued to dominate cash market despite lower crop estimate. Arrivals have come down in recent weeks from old stock. However, pressure from new crop is expected by the end of this month. As prices are under pressure, well to do farmers may retain 20 percent new crop in anticipation of better price once again in the second half of the year.Overall sentiments remain bearish at this point of time.
As prices are ruling lower and more dip is expected in the market, buyers for oil would wait for one more month to start bulk buying. China, E.U and US may enter into the market in March, by then price would stabilize. Buyer’s interest might be seen around $1350 per tonne and oil price may touch this level by the first week of March.
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