MCX Gold under fresh selling; Support seen at 50092
NCDEX Jeera under fresh selling; Resistance seen at 14140
NCDEX Turmeric under fresh selling; Support seen at 5844
NCDEX Mustard Seed under long liquidation; Resistance seen at 5343
MCX Crude Palm Oil under short covering; Support seen at 781.3
Crude palm Oil on MCX settled down by -0.17% at 531.2 tracking weakness in spot demand amid expectation of higher supply. Prices of oil were down on hope of higher supply following reports of vanishing El-Nino impact in top palm oil growing area. Preparations for the La Nina weather pattern could minimise the decline in palm oil output to between 200,000 and 300,000 tons. Malaysia palm oil exports during May 1-31 climbed 11.81% compared to a month earlier on improved demand from China, European Union, India & Subcontinent and Middle East, data showed.
Malaysia palm oil exports jumped to 1.23 million tons during May 1-31 compared to 1.10 million tons for the same period a month ago, Dow Jones reported citing data from Intertek, a private surveyor. 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. Malaysia along with Indonesia accounts for a major chunk of the total global palm oil production, with Malaysia accounting for about 35 per cent and producing about 19.96 mt of palm oil. Technically market is under fresh selling as market has witnessed gain in open interest by 0.87% to settled at 5356, now CPO is getting support at 527.4 and below same could see a test of 523.7 level, and resistance is now likely to be seen at 533.6, a move above could see prices testing 536.1.
--CPO trading range for the day is 523.7-536.1.
--Crude palm oil prices dropped tracking weakness in spot demand amid expectation of higher supply.
--Prices of oil were down on hope of higher supply following reports of vanishing El-Nino impact in top palm oil growing area.
--Preparations for the La Nina weather pattern could minimise the decline in palm oil output to between 200,000 and 300,000 tons.
--Crude palm oil prices in spot market dropped by 3.30 rupees and settled at 533.30 rupees.Courtesy: kedia Commodities