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MCX Crude Palm Oil under short covering
Commodity Online | September 14 2017
UPDATED 11:16:32 IST

MCX Mentha Oil expected to trade between 1646.9-1797.5 levels

MCX Aluminium likely to trade in a range between 133.9-136.9

Long liquidation seen in MCX Cotton

MCX Cardamom under long liquidation; Support seen at 1001.3

NCDEX Jeera may move in a range of 20070-20510

Technically MCX Crude Palm Oil is under short covering as market has witnessed drop in open interest by -1.29% to settled at 4530 while prices up 6.1 rupees.

Now CPO is getting support at 542.6 and below same could see a test of 538.1 level, And resistance is now likely to be seen at 550.3, a move above could see prices testing 553.5.

Crude palm Oil on MCX settled up by 1.13% at 547.1 on expectation of lower output in Malaysia for September month and on strong demand in global market. Prices of palm oil in domestic market were supported by strong demand ahead of festival and wedding season.

South palm oil mills association of Malaysia said that the CPO output during Sep 1-10 dropped by 17% compared to previous month. Recently, data released by Malaysian Palm Oil Board (MPOB) showed palm oil output during August fell to 1.81 million tons compared to 1.82 million tons in July.

Malaysia palm oil exports rose 7% to 355,009 tons during Sep 1-10 compared to 376,652 tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor. Crude palm oil imports surged in August to 600,019 tn from 540,633 tn a year ago, the data showed.

In Nov-Aug, India imported 5.08 mln tn of palm oil, against 4.67 mln tn during the corresponding period last year. Malaysia's crude palm oil inventory in August rose 8.8% on month to 1.9 mln tn, while exports increased 6.4% to 1.49 mln tn, according to data released by the Malaysia Palm Oil Board.

However, palm oil production, having risen over 20% on month in July, fell about 1% in August to 1.8 mln tn, according to the data. Crude palm oil stocks were at 1.06 mln tn at the end of August, up 12.6% on month.

Trading Ideas:

--CPO trading range for the day is 538.1-553.5.

--Crude palm oil gained on expectation of lower output in Malaysia for September month and on strong demand in global market.

--South palm oil mills association of Malaysia said that the CPO output during Sep 1-10 dropped by 17% compared to previous month.

--Malaysia palm oil exports rose 7% to 355,009 tons during Sep 1-10 compared to 376,652 tons for the same period a month ago.

–Crude palm oil prices in spot market gained by 7.70 rupees and settled at 547.90 rupees.

Courtesy: Kedia Commodities

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