MCX Commodity Market Daily Report by Money CapitalHeight

MCX POTATO:

Potato futures for June delivery on India’s Multi Commodity Exchange (MCX) look negative and further downside is expected in the near term.

“For intra-day, support for the commodity is seen at 840 while 930 is the resistance. Traders may sell around 900 with the stop loss of 930 for the target of 840,” noted Milan.

MCX potato for June delivery was down by 0.35% at Rs.881.10 per 100 kgs as of 12.10 PM IST on Thursday.

CRUDE PALM OIL:

The trend in crude palm oil (CPO) for May delivery on India’s Multi Commodity Exchange (MCX) looks positive and further up-tick is expected in the near term.

Palm oil prices have risen for the first time in four days on speculation that consumption of palm oil may rise ahead of Ramadan festival.

A rise in palm oil prices may have supported CPO prices.

MARKET WRAPE:

·         Crude Oil slumps on the NYMEX over higher supply concerns.

·         Copper fell 2.7% on LME on manufacturing contraction in China.

·         Gold declines for third consecutive day on stimulus curbing concerns.

Silver extends losses in New York along with other metals on weak China PMI data. Gold lost 0.4 percent yesterday, reversing gains, after Bernanke said that the Fed may reduce the pace of asset purchases in the next few meetings if policy makers can be confident of sustained improvement in the economy. Copper dropped the most in a week along with other industrial metals after a report showed manufacturing in China, the world’s biggest metals consumer, is contracting for the first time in seven months. Worse-than-expected index along with the strengthening dollar pressurized the prices. West Texas Intermediate oil fell the most in three weeks as a government report showed U.S. gasoline supplies unexpectedly gained and crude stockpiles declined less than expected.

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