Short covering seen in NCDEX Ref Soy Oil
NCDEX Soyabean under short covering; Support seen at 3286
MCX Nickel under short covering; Resistance seen at 905.3
MCX Aluminium likely to move in a range of 143.8-149
MCX Menthol Oil under fresh Selling; Support seen at 1648.8
Technically Crude Palm Oil market is under short covering as market has witnessed drop in open interest by 47.12% to settled at 1514 while prices up 1 rupees.
Now MCX Crude Palm Oil is getting support at 591.8 and below same could see a test of 588.1 level, And resistance is now likely to be seen at 599, a move above could see prices testing 602.5.
Crude Palm Oil on MCX settled up by 0.17% at 595.4 on increased buying tracking global cues. Buyers were active on encouraging reports from Malaysia, the second largest producer of palm oil. India imported 920,894 tons palm oil during August up from 550,180 tons a month ago.
According to Malaysia Palm Oil Board (MPOB), Malaysia kept October crude palm oil export duty unchanged at 0.0 percent. Export duty of palm oil is calculated at reference price of 2,150.69 ringgit ($521.13) per ton.
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Tax is calculated above 2,250 ringgit starting from 4.5 percent to a maximum of 8.5 percent. Indonesia’s palm oil production likely rose in August from a month earlier and was at its highest level in at least four years as weather conditions helped cultivation, while exports saw a small dip.
Output of the vegetable oil used in various food and cleaning products rose to 4.01 million tonnes in August from around 3.90 million tonnes in July, according the survey of two industry associations.
Exports from the world’s top palm oil producer in August saw slight dip to 2.83 million tonnes, compared with 2.89 million tonnes a month earlier, the survey showed. Exports of Malaysian palm oil products for September 1 – 25 rose 64.2 percent to 1,370,897 tonnes from 835,134 tonnes shipped during August 1 – 25, cargo surveyor Intertek Testing Services said.
Trading Ideas:
–Crude Palm Oil trading range for the day is 588.1-602.5.
–Crude Palm Oil ended with gains on increased buying tracking global cues.
–India imported 920,894 tons palm oil during August up from 550,180 tons a month ago.
–According to Malaysia Palm Oil Board (MPOB), Malaysia kept October crude palm oil export duty unchanged at 0.0 percent.
–Crude Palm Oil prices in spot market gained by 1.40 rupees and settled at 595.30 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
