MCX Silver expected to trade in a range between 35712-36600
MCX Gold may trade in a range between 30335-30767
NCDEX Mustard Seed likely to trade in range between 3994-4142
NCDEX Ref.Soya Oil under long liquidation; Resistance seen at 725
NCDEX Soyabean under long liquidation
Technically Crude Palm Oil market is under long liquidation as market has witnessed drop in open interest by 31.15% to settled at 1481 while prices down 13.1 rupees.
Now MCX Crude Palm Oil is getting support at 488 and below same could see a test of 480.8 level, And resistance is now likely to be seen at 507.5, a move above could see prices testing 519.8.
Crude palm Oil on MCX settled down by 2.58% at 495.2 amid rising inventories in the world’s second-biggest producer and physical demand showed no signs of improvement.
Stockpiles at the end of October increased 7.6 percent from the previous month to 2.72 million tonnes, while production rose 6 percent to 1.96 million tonnes, official data from the Malaysian Palm Oil Board showed last week.
Inventories in top producers Indonesia and Malaysia were expected to rise for the next two months, with demand unlikely to jump from key buyers as palm oil solidifies in winter months. Exports of Malaysian palm oil products for Nov. 1 – 15 rose 2 percent from a month earlier to 549,488 tonnes, said independent inspection company AmSpec Agri Malaysia.
Stockpiles at the end of October increased 7.6 percent from the previous month to 2.72 million tonnes, while production rose 6 percent to 1.96 million tonnes, official data from the Malaysian Palm Oil Board showed.
Inventories are expected to rise further in top producers Indonesia and Malaysia in the coming months, with demand unlikely to jump from key buyers as palm oil solidifies in winter months. India’s palm oil imports are unlikely to climb over November to January even as prices for the commodity plumb their lowest in more than three years, reined in by ample local supply of rival oilseeds and as a liquidity crunch hits would-be buyers.
Trading Ideas:
–CPO trading range for the day is 480.8-519.8.
–CPO settled down amid rising inventories in the world’s second-biggest producer and physical demand showed no signs of improvement.
–Stockpiles at the end of October increased 7.6 percent from the previous month to 2.72 million tonnes, while production rose 6 percent to 1.96 million tonnes.
–Inventories in top producers Indonesia and Malaysia were expected to rise for the next two months, with demand unlikely to jump from key buyers as palm oil solidifies in winter months.
–Crude Palm Oil prices in spot market dropped by 6.20 rupees and settled at 505.50 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
