Zinc market under short covering; Support seen at 175.3
MCX Copper may trade in a range between 409.6-422.2
MCX Crude Oil likely to trade in a range between 4528-4872
MCX Silver likely to trade in a range between 37660-38330
Gold market under fresh selling; Support seen at 29550
Technically Crude Palm Oil market is under long liquidation as market has witnessed drop in open interest by 1.3% to settled at 7818 while prices down 8.4 rupees.
Now MCX Crude Palm Oil is getting support at 585.3 and below same could see a test of 581.6 level, And resistance is now likely to be seen at 595.5, a move above could see prices testing 602.
Crude Palm Oil on MCX settled down by 1.41% at 588.9 tracking weakness in spot demand due to cut in tariff value for the Palm Oil imports. Reports of higher stocks with importers also kept the prices under pressure.
Sellers were active as they fear further decline because demand continued to be lukewarm in the spot market, though festive season has started. Export of Palmoil from Malaysia registered a decline in July triggering fears of increase in stockpiles.
Palm Oil production in Malaysia may enter the high output cycle in the last quarter of the year. Indonesia’s exports of Palmand Palmkernel oils rose 7.5 percent from a year earlier to 2.29 million tonnes, Indonesia’s Palmoil association (GAPKI) said.
Shipments rose due to surprise increase in imports by India, which were more than double those of a month earlier, GAPKI said despite a steep import tax. Meanwhile, domestic stocks of Palmoil rose to 4.85 million tonnes by the end of June from 4.76 million a month earlier despite a decline in Palmand kernel oil output in June.
Indonesia’s Palmoil exports were up 7% on month at 2.29 mln tn in June due to increase in demand from markets such as India and China.
Trading Ideas:
–CPO trading range for the day is 581.6-602.
–Crude Palmoil dropped tracking weakness in spot demand due to cut in tariff value for the Palmoil imports.
–Reports of higher stocks with importers also kept the prices under pressure.
–Sellers were active as they fear further decline because demand continued to be lukewarm in the spot market, though festive season has started.
–Crude Palmoil prices in spot market dropped by 0.50 rupees and settled at 595.60 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
