Natural Gas may trade in a range of 200.3-211.9
MCX Crude Oil expected to trade between 3747-4003 levels
MCX Silver likely to trade between 40022-40632 levels
NCDEX Ref. Soya Oil under short covering
MCX Gold may trade in a range between 32743-33067
Technically Crude Palm Oil market is under fresh buying as market has witnessed gain in open interest by 6.29% to settled at 6018 while prices up 3.2 rupees.
Now MCX Crude Palm Oil is getting support at 570.5 and below same could see a test of 567.5 level, And resistance is now likely to be seen at 576, a move above could see prices testing 578.5.
Crude Palm Oil on MCX settled up by 0.56% at 573.5 supported by improving tariff value and firm Malaysian palm oil prices. The government increased tariff price of crude palm oil by $41 to $556 per tn and $16 per ton for refined, bleached and deodorised palm oil for the Second half of January.
Indonesian palm oil prices are also forecast to rise to as high as $600 a tonne amid rising demand from the food and energy sector, slowing production growth and declining global stockpiles.
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Rising demand could also reduce stockpiles and support prices. Malaysian palm oil shipments during Jan. 1-20 rose 11.8-12.9 percent from a month earlier, according to cargo surveyors Intertek Testing Services and AmSpec Agri Malaysia.
India has cut import taxes on crude and refined palm oil from Southeast Asian (ASEAN) countries after a request from suppliers. Indonesia’s palm oil production is expected to rise by 10 percent this year, the country’s industry association said.
Indonesia, the world’s top palm producer and exporter, produced 47.6 million tonnes in 2018, Togar Sitanggang, vice chairman of the Indonesian Palm Oil Association (GAPKI), said in an industry conference Malaysia’s palm oil exports are expected to rise to 17.2 million tonnes in 2019, a 4.3 percent increase from the 16.5 million tonnes shipped last year, according to the Malaysian Palm Oil Board (MPOB).
Trading Ideas:
–Crude Palm Oil trading range for the day is 567.5-578.5.
–Crude Palm Oil prices gained supported by improving tariff value and firm Malaysian palm oil prices.
–Exports of Malaysian palm oil products for Jan. 1-25 rose 12 percent to 1,207,619 tonnes from 1,078,274 tonnes shipped a month earlier
–Malaysian palm oil shipments during Jan. 1-20 rose 11.8-12.9 percent from a month earlier.
–Crude Palm Oil prices in spot market gained by 0.90 rupees and settled at 563.00 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
