Silver market under long liquidation; Support seen at 39109
MCX Gold may trade in a range between 31674-32238
NCDEX Chana under fresh buying; Support seen at 4302
MCX Cotton may trade between 20480-21220 levels
NCDEX Jeera likely to move in a range of 16750-17330
Technically MCX Crude Palm Oil is getting support at 536.7 and below same could see a test of 532.9 level, And resistance is now likely to be seen at 544.1, a move above could see prices testing 547.7.
Crude Palm Oil settled flat tracking firmness in spot demand and overseas prices amid slowing production gains. Production is seeing a lesser increase than expected, some updates (from reports) also suggest a marginal decline.
India is the world’s largest edible oil importer, and had previously raised import duties on edible oils to support local prices. Indonesia’s palm and palm kernel oil exports in the month of November rose 14 percent to 2.99 million tonnes compared to the same month a year earlier, Indonesia Palm Oil Association (GAPKI) said in a statement.
On a monthly basis, the shipment fell nearly 5 percent from 3.14 million tonnes in October, due to sluggish demand from big buyers such as China and Europe, GAPKI said. At the end of November, domestic stocks of palm oil stood at 3.89 million tonnes, GAPKI also said, down from 4.41 million tonnes a month earlier.
Malaysia’s palm oil stocks are expected to have hit a 19-year high for end-December, surpassing the 3 million-tonne mark as production levels exceed exports. Stockpiles are expected up 4.3 percent from the previous month to 3.14 million tonnes.
This would mark a seventh straight month of increase and Malaysia’s highest stockpile levels since January 2000. The survey showed Malaysia’s December exports are expected to have risen 4.7 percent from the previous month to 1.44 million tonnes, which would be the first gain after two months of decline.
Trading Ideas:
–Crude Palm Oil trading range for the day is 532.9-547.7.
–Crude Palm Oil settled flat tracking firmness in spot demand and overseas prices amid slowing production gains.
–Indonesia’s palm and palm kernel oil exports in the month of November rose 14 percent to 2.99 million tonnes compared to the same month a year earlier.
–India is the world’s largest edible oil importer, and had previously raised import duties on edible oils to support local prices.
–Crude Palm Oil prices in spot market gained by 3.10 rupees and settled at 527.50 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
