NCDEX Mustard Seed under fresh buying; Support seen at 4226
NCDEX Ref Soy Oil under fresh buying; Resistance seen at 751
NCDEX Soyabean under fresh selling; Support seen at 3254
MCX Crude Oil expected to trade in a range between 5174-5316
Copper market under long liquidation; Support seen at 444.5
Technically Crude Palm Oil market is under fresh selling as market has witnessed gain in open interest by 0.76% to settled at 6741 while prices down 3 rupees.
Now MCX Crude Palm Oil is getting support at 583.4 and below same could see a test of 578.9 level, And resistance is now likely to be seen at 592.3, a move above could see prices testing 596.7.
Crude Palm Oil on MCX settled down 0.51% at 587.9 on the back of high inventory levels in Indonesia and Malaysia. Southeast Asia’s palm oil stocks are set to scale record highs in October or November, as storage tanks at ports and mills pile up with supplies.
Indonesian inventories are seen peaking at 5 million tonnes, while Malaysian stocks are forecast to grow close to 3 million tonnes. Malaysian inventories last rose to a seven-month high of 2.49 million tonnes in August, according to official data from a Malaysian industry regulator.
Import in India reported at 363799 MT in month of July against the 304,577 MT of prior month, higher by 19% m/m as per the data compiled by Solvent Extractor Association of India. MBOB released its production estimates for the month of August pegged production at 16.2 lakh tonnes against the 15 lakh tonnes of July wherein export slumped to 11 lakh tonnes.
Inventory levels increased up to 24.9 lakh tonnes against the 22.10 lakh tonnes of prior month. Meanwhile, Exports of Malaysian palm oil products for September 1 – 10 rose 69.5 percent to 506,212 tonnes from 298,610 tonnes shipped during August 1 – 10, according to independent inspection company AmSpec Agri Malaysia said.
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.
Trading Ideas:
–Crude Palm Oil trading range for the day is 578.9-596.7.
–Crude Palm Oil dropped on the back of high inventory levels in Indonesia and Malaysia.
–Southeast Asia’s palm oil stocks are set to scale record highs in October or November, as storage tanks at ports and mills pile up with supplies.
–Indonesian inventories are seen peaking at 5 million tonnes, while Malaysian stocks are forecast to grow close to 3 million tonnes.
–Crude palm Oil prices in spot market dropped by 1.60 rupees and settled at 591.90 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
