MCX Mentha Oil under short covering; Support seen at 1276.5
MCX Aluminium may trade between 129.8-131 levels
MCX Nickel likely to move in a range of 1051.1-1100.7
MCX Zinc under long liquidation; Resistance seen at 187.5
MCX Copper under long liquidation; Resistance seen at 434
CPO on MCX settled down -0.53% at 527.8 on weak demand and on higher output. Malaysia palm oil exports during June 1-10 slipped 6% compared to a month earlier on weak demand from India & Subcontinent while output during May jumped, data showed. Malaysia palm oil exports jumped to 368,316 tons during June 1-10 compared to 391,222 tons for the same period a month ago, Dow Jones reported citing data from Intertek, a private surveyor.
Malaysia palm oil exports to India slumped 16.93% to 120,866 tons during June 1-10 compared to 145,500 tons a month ago. Meanwhile, Malaysia's crude palm oil output in May jumped, a data released by the Malaysian Palm Oil Board showed. Palm oil output climbed 4.9% to 1.36 million tons in June end compared to 1.30 million tons a month earlier. The Malaysian Palm Oil Council predicted that palm oil prices would firm up over the next five-six months and that productivity is likely to be affected by about 10 per cent due to the El Nino impact on its output and other oilseeds.
The council also said the export of palm oil from Malaysia to India is likely to go up this year from 3.9 million tonnes as demand for palm oil is projected to go up and amid lower supply of other oils. Palm oil imports rose marginally to 7,29,536 tonnes in April this year on sharp jump in shipments of refined palm oil, industry body Solvent Extractors Association (SEA) said. Technically market is under long liquidation as market has witnessed drop in open interest by -8.4% to settled at 3261 rupee, now CPO is getting support at 525.2 and below same could see a test of 522.7 level, and resistance is now likely to be seen at 531, a move above could see prices testing 534.3.
--CPO trading range for the day is 522.7-534.3.
--Crude palm oil prices dropped on weak demand and on higher output.
--Malaysia palm oil exports during June 1-10 slipped 6% compared to a month earlier on weak demand from India & Subcontinent.
--Malaysia palm oil exports jumped to 368,316 tons during June 1-10 compared to 391,222 tons for the same period a month ago.
--Crude palm oil prices in spot market dropped by 1.60 rupees and settled at 529.70 rupees.Courtesy : Kedia Commodities