NCDEX Mustard Seed under short covering; Support seen at 3818
NCDEX Ref. Soya Oil under fresh buying; Resistance seen at 744
NCDEX Soyabean under fresh selling; Support seen at 3691
MCX Zinc under long liquidation; Support seen at 191.2
MCX Nickel likely to move in a range of 900.8-959.8
Technically Crude Palm Oil market is under fresh selling as market has witnessed gain in open interest by 0.17% to settled at 5212 while prices down 3.2 rupees.
Now MCX Crude Palm Oil is getting support at 535.3 and below same could see a test of 532.6 level, And resistance is now likely to be seen at 542.6, a move above could see prices testing 547.2.
Crude Palm Oil on MCX settled down 0.59% at 538 tracking higher stocks and on forecast that Malaysia’s February palm output will be higher than usual.According to USDA monthly report in February, India palm oil imports figures are unchanged at 10.5 mt, up 22% compared to past year imports.
Domestic consumption for India is forecast at 10.6 mt, up 16.7% on year. Palm oil production usually declines during the first quarter of the year in line with seasonal trend. Monthly output in February is also expected to fall from the previous month on fewer working days.
Output in Malaysia, the world’s second-largest producer and exporter, fell 3.9 percent to 1.74 million tonnes last month, data from the Malaysian Palm Oil Board showed. Malaysia kept its export duty on crude palm oil for March at zero percent, according to a circular on the Malaysian Palm Oil Board’s website.
The duty has been at zero percent since September. Malaysian palm oil prices are set to hold steady in 2019 at an average of 2,303 ringgit ($565) a tonne, according to estimates by the Malaysian Palm Oil Council (MPOC), while global output of the tropical oil is expected to rise by 3 million tonnes.
“Global palm oil production is projected to be 72 million tonnes, with Malaysia and Indonesia as leading producers,” the MPOC said in an online conference presentation.
Trading Ideas:
–Crude Palm Oil trading range for the day is 532.6-547.2.
–Crude Palm Oil dropped tracking higher stocks and on forecast that Malaysia’s February palm output will be higher than usual.
–According to USDA monthly report in February, India palm oil imports figures are unchanged at 10.5 mt, up 22% compared to past year imports.
–Palm oil production usually declines during the first quarter of the year in line with seasonal trend.
–Crude Palm Oil prices in spot market dropped by 1.60 rupees and settled at 539.40 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
