Sureshot Commodity Trading Tips For Today

The rise in stocks in February was due to a fall in exports, but data for early March showed a 32 percent surge in exports as top buyer India snapped up cargoes and local planters won tax free crude palm oil export quotas to feed their refineries overseas. Traders were also waiting on official planting forecasts from the U.S. Department of Agriculture, due on March 30, to get a reading on likely output for the coming year, with corn plantings expected to rise on demand from China. 

In yesterday's trading session Crude Palm oil has touched the low of 560.6 after opening at 564.4, and finally settled at 563.5. For today's session market is looking to take support at 561.1, a break below could see a test of 558.6 and where as resistance is now likely to be seen at 565.5, a move above could see prices testing 567.4.

Trading Ideas for mcx :

CPO trading range for the day is 558.63-567.43.

Crude palm oil rose as recovering exports raised demand prospects for the edible oil.

The rise in stocks in February was due to a fall in exports, but data for early March showed a 32% surge in exports.

Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance will issue export data for March 1-15 on Thursday.

Crude palm oil prices in spot market gained by 2.20 rupees and settled at 561.40 rupees.

Natural Gas yesterday traded with the positive node and settled 3.77% up at 116.7 jumped on profit booking but still the sentiment on the heating fuel remained bearish on forecasts for mild March weather and lingering concerns over record high US inventory levels. As Industry weather group MDA EarthSat said earlier in the week that high temperatures are forecast to last until almost April, capping off an abysmal heating season for the US natural gas market. 

The weather group said called for "extreme warmth" over the next 6 to 10 days throughout most parts of the US. The agency said that the number of heating-degree days, a measure of energy demand, was 11% below the 30-year average for the October to February period. With less than two weeks to go in the US winter, the surplus of natural gas in inventory is continuing to grow, keeping gas prices on the defensive until summer cooling loads kick in. Concerns over elevated inventory levels continued to weigh on the commodity. 

Early withdrawal estimates for Thursday’s storage data range from a decline of 35bcf to 72bcf, compared to last year's drop of 60bcf and the five-year average decline for the week of 79 billion. Futures contracts tend to trade more lightly during spring months because demand for heating is weak and natural gas-fueled power plants have yet to step up production to serve ac's. For today's session market is looking to take support at 113.6, a break below could see a test of 110.6 and where as resistance is now likely to be seen at 118.9, a move above could see prices testing 121.2.

Trading Ideas:

Nat.Gas trading range for the day is 110.57-121.17.

Natural gas prices ended with gains on short covering but still sentiment on the heating fuel remained bearish.

Futures contracts tend to trade more lightly during spring months because demand for heating is weak.

Today natural gas storage: Exp: -58B Prev: -80B. Actual is at 8.00PM.

In market free Commodity trading tips for Aluminium yesterday traded with the negative node and settled -0.68% down at 110.85 tracking LME three-month aluminum futures closed down USD 28/mt or 1.24% at USD 2,227/mt on Wednesday as China’s signal to maintain property curb boosts dollar buying and weighs on base metals.