Mcx Commodity Trading Tips: Mcx Energy Outllook :Crude palm Oil settled up by 0.57% at 441.9

As per market outllook The  enhance the energy security of the country is  setting up Strategic Crude Oil Reserves with storage capacity of 5.33 Million Metric Tonnes (MMT)In India.the country will begin filling its reserves with 8 million barrels of oil imported from Iraq.

 

Crude palm Oil settled up by 0.57% at 441.9 tracking firmness in spot prices on short covering after pressure seen on higher supply of the oil in domestic market

 Palm oil prices were under pressure taking cues from international market following weak Malaysia palm oil export data.Palm oil imports by India & Subcontinent dropped 17.47% to 106,500 tons in March 1-15 compared to 129,050 tons for the same period a month ago.

Prices of the CPO were also under pressure as Malaysia raised palm oil export duty to 4.5% for the month of April,

Crude palm oil prices in spot market dropped by 1.00 and settled at 439.10 rupees.

Naturalgas settled up 2.46% at 182.90 as a cold blast was expected to hit the U.S.Updated weather forecasting models showed that a cold front will impact the northern U.S. through March 23, carrying rain and snow


Aluminium settled down -1.74% at 110.05.Aluminium ended with losses before the FOMC meeting but rebounded later powered by the decline in US dollar index