Silver market under fresh selling; Support seen at 36852
Gold market under fresh selling; Support seen at 30325
NCDEX Mustard Seed under long liquidation; Support seen at 4227
Ref. Soya Oil market under fresh Selling; Resistance seen at 735
NCDEX Soyabean under long liquidation
Technically Crude Palm Oil market is under short covering as market has witnessed drop in open interest by 0.54% to settled at 5694 while prices up 0.4 rupees.
Now MCX Crude Palm Oil is getting support at 594.5 and below same could see a test of 593 level, And resistance is now likely to be seen at 597, a move above could see prices testing 598.
Crude Palm Oil settled flat tracking weakness in spot demand and overseas prices on expectation of cheaper imports from Malaysia due to zero duty. The base import price of crude palm oil was cut for 6 successive time to $567 per tn from $573 per tn for the first fortnight of September.
According to SEA monthly update, palm oil imports were down 29% and 39% for CPO and RBD Palmolein in July compared to last year. India’s palm oil imports dropped in July due to higher taxes on shipments while weaker rupees making imports expensive.
Related Post
During Nov-Jul, palm oil imports declined to 60.4 lt from 66.9 lt. Exports are also likely to be supported by the zero percent crude palm oil tax rate for September, down from 4.5 percent last month. Palm oil output typically rises in the third and fourth quarter of the year in line with seasonal trends.
According to cargo surveyor. August output is likely to have risen 9.9 percent to 1.65 million tonnes, contributing to higher inventory levels, which are seen hitting a six-month top at 2.41 million tonnes.
Indonesia’s 2018 crude palm oil output is set to climb by 4-6 million tonnes from last year to 40-42 million tonnes, said an official from an industry association. Palm oil output usually rises in line with seasonal factors towards the third and fourth quarter of the year.
Trading Ideas:
–Crude Palm Oil trading range for the day is 593-598.
–Crude Palm Oil settled flat tracking weakness in spot demand and overseas prices on expectation of cheaper imports from Malaysia due to zero duty.
–According to SEA monthly update, palm oil imports were down 29% and 39% for CPO and RBD Palmolein in July compared to last year.
–Indonesia’s 2018 crude palm oil output is set to climb by 4-6 million tonnes from last year to 40-42 million tonnes, official said.
–Crude Palm Oil prices in spot market dropped 4.00 rupees and settled at 599.20 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
