Crude Oil market under fresh selling; Support seen at 3638
Silver market under long liquidation; Support seen at 38212
Gold market under long liquidation; Support seen at 31442
NCDEX Soyabean may trade in range between 3348-3418
NCDEX Ref.Soya Oil is likely to trade in range between 733-747
Technically Crude Palm Oil market is under fresh buying as market has witnessed gain in open interest by 6.82% to settled at 4430 while prices up 1.4 rupees.
Now MCX Crude Palm Oil is getting support at 502.5 and below same could see a test of 499.8 level, And resistance is now likely to be seen at 508.4, a move above could see prices testing 511.6.
Crude Palm Oil on MCX settled up by 0.28% at 505.1 on short covering after prices dropped on expectations of higher inventories of the vegetable oil in December weighed on the market. Further upside seen limited due to expectations of rising inventories in Malaysia and a change in Indonesia’s export levy rules.
Malaysia’s Palm Oil stockpiles at the end of November rose above 3 million tonnes as a steep decline in exports boosted reserves, official data showed. Oil stocks last month rose 10.5 percent from October to 3.007 million tonnes, industry regulator the Malaysian Palm Oil Board (MPOB) said. The stockpiles are at the highest in at least 18 years, according to data going back that far.
Exports of Malaysian palm oil products for December 1 – 10 fell 0.8 percent to 308,207 tonnes from 310,592 tonnes shipped during November 1 – 10, cargo surveyor Intertek Testing Services said. Indonesia relaxed rules on palm oil levies and derivative products effective immediately following a drop in prices, the country’s finance ministry said.
Will not collect levies from palm exporters when prices are below $570 per tonne, but will charge $10-$25 a tonne once prices are in a range of $570-$619 per tonne. The levy will rise to $20-$50 when prices hit above $619 per tonne. Malaysia’s palm oil stocks at end-November are likely to touch the 3-million-tonne mark, their highest in recent years, as the drop in exports outpaced lean production.
Trading Ideas:
–Crude palm Oil trading range for the day is 499.8-511.6.
–Crude palm oil gained on short covering after prices dropped on expectations of higher inventories of the vegetable oil in December weighed on the market.
–Further upside seen limited due to expectations of rising inventories in Malaysia and a change in Indonesia’s export levy rules.
–Malaysia’s palm oil stockpiles at the end of November rose above 3 million tonnes as a steep decline in exports boosted reserves, official data showed.
–Crude palm oil prices in spot market gained by 6.00 rupees and settled at 496.50 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
