MCX Aluminium may trade in a range between 147.1-153.7
Nickel market under long liquidation; Support seen at 931
NCDEX Soyabean likely to move in a range of 3161-3263
NCDEX Ref Soy Oil under short covering
Zinc market under long liquidation; Support seen at 172.7
Technically Crude Palm Oil market is under short covering as market has witnessed drop in open interest by 22.8% to settled at 1436 while prices up 0.9 rupees.
Now MCX Crude Palm Oil is getting support at 592.4 and below same could see a test of 591.5 level, And resistance is now likely to be seen at 594.3, a move above could see prices testing 595.3.
Crude Palm Oil on MCX settled up by 0.15% at 593.3 amid good physical demand, higher export duty and weaker rupee after prices dropped amid concerns about higher output, especially in top producer Indonesia, weighed on sentiment.
Indonesia’s 2018 crude palm oil output is set to climb by 4-6 million tonnes from last year to 40-42 million tonnes, said an official from an industry association. Palm oil output usually rises in line with seasonal factors towards the third and fourth quarter of the year.
Indonesia exported 2.81 million tonnes of palm and palm kernel oils in the month of June, up 17 percent on a year ago, data from the Indonesian palm oil association (GAPKI) showed. The rise in exports was due to “cheap” prices of the vegetable oil, while top buyer India resumed purchases, GAPKI said in a statement.
Despite the higher exports, domestic stockpiles of palm oil rose to 4.9 million tonnes in July, up from 4.85 million tonnes a month earlier. Production and exports of palm oil from Indonesia, the world’s largest producer of the vegetable oil, rose in July from a month earlier, said a survey of two industry groups and a state palm oil research firm. Palm oil production is expected to have reached 3.897 million tonnes in July from 3.45 million tonnes in June, according to the survey.
Trading Ideas:
–Crude Palm Oil trading range for the day is 591.5-595.3.
–Crude Palm Oil gained amid good physical demand, higher export duty and weaker rupee after prices dropped amid concerns about higher output.
–Production and exports of palm oil from Indonesia, the world’s largest producer of the vegetable oil, rose in July from a month earlier.
–Indonesia exported 2.81 million tonnes of palm and palm kernel oils in the month of June, up 17 percent on a year ago, data showed.
–Crude Palm Oil prices in spot market gained 1.40 rupees and settled at 593.20 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
