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Monday, November 29, 2021

MCX Crude Palm Oil may trade between 1102.1-1126.7 levels

Technically Crude Palm Oil market is under fresh buying as market has witnessed gain in open interest by 9.99% to settled at 4316 while prices up 3.5 rupees.

Now MCX Crude Palm Oil is getting support at 1108.9 and below same could see a test of 1102.1 levels, and resistance is now likely to be seen at 1121.2, a move above could see prices testing 1126.7.

Crude Palm Oil yesterday settled up by 0.31% at 1115.6 underpinned by signs of slowing production and a recovery in rival soyoil prices.

Southern Peninsula Palm Oil Millers’ Association estimated Malaysia’s production during Sept. 1-20 fell 4.5% from the same period in August.

Exports of Malaysian palm oil products for Sep. 1-20 rose 36.7 percent to 1,070,096 tonnes from 783,027 tonnes shipped during Aug. 1-20. Malaysia’s palm oil exports during Sept. 1-20 rose 38% to 1,089,071 tonnes from the same week in August, cargo surveyor Amspec Agri said.

However, this was slower than a 54% monthly rise in Sept. 1-15. Malaysia maintained its October export tax for crude palm oil at 8%, a circular on the Malaysian Palm Oil Board website showed.

The world’s second-largest palm exporter calculated a reference price of 4,472.46 ringgit ($1,068.18) per tonne for October, up from 4,255.52 ringgit in September.

India has cut base import taxes on palm oil, soyoil and sunflower oil, a government order showed, as the world’s biggest vegetable oil buyer tries to cool near-record price rises.

The reduction in taxes could bring down prices of the edible oils in India and boost consumption, effectively increasing overseas buying by the south Asian country. In spot market, Crude palm oil gained by 2 Rupees to end at 1138.5 Rupees.

Trading Ideas:
–Crude Palm Oil trading range for the day is 1102.1-1126.7.
–Crude Palm Oil prices seen supported underpinned by signs of slowing production and a recovery in rival soyoil prices.
–Southern Peninsula Palm Oil Millers’ Association estimated Malaysia’s production during Sept. 1-20 fell 4.5% from the same period in August.
–Malaysia’s September 1-20 palm oil exports shoots up
–In spot market, Crude palm oil gained  by 2 Rupees to end at 1138.5 Rupees.

Courtesy: Kedia Commodities

Source: Comodity Online

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