Short covering seen in MCX Zinc
MCX Gold may trade in a range between 30423-30805
MCX Aluminium under fresh buying; Support seen at 143.3
MCX Mentha Oil under short covering
MCX Cardamom under fresh buying; Resistance seen at 1060.7
Technically Castor market is under fresh buying as market has witnessed gain in open interest by 8.7% to settled at 113110 while prices up 20 rupees.
Now Castor is getting support at 4371 and below same could see a test of 4332 level, And resistance is now likely to be seen at 4446, a move above could see prices testing 4482.
Castor on NCDEX settled up 0.46% at 4409 on short covering after prices dropped amid higher supplies at the spot market amid limited demand scenario. Forecasts of normal rainfall during monsoon 2018 that is crucial for higher acreage under the crop.
Further, export demand for Indian castor oil and castor meal are expected to steady on expectation of lower prices on peak season. As per Skymet Weather, monsoon in 2018 is expected to be normal with good distribution that is supportive for the higher area under the crop.
India’s Castor oil exports are likely to grow 8% on year to 51,175 tn in February, an official at the Solvent Extractors’ Association of India said. The rise in exports has been primarily attributed to pick up in demand from China, the largest importer of castor oil from India.
The exports in February were also seen 43% higher than January’s exports of 35,720 tn, he said. In the 11 months of the current fiscal started April, overall shipments are estimated at 571,657 tn from India, the official said.
In 2016-17 (Apr-Mar), India had exported 554,238 tn. India’s 2017-18 castor seed output is likely to jump 35% to 1.43 million ton compared to previous year on the back of higher yield, said Solvent Extractors Association of India (SEA) in its Executive Summary Crop Survey 2017-18 report.
Courtesy: Kedia Commodities
Source: Commodityonline.com
