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Technically Crude Palm Oil market is under fresh selling as market has witnessed gain in open interest by 1.78% to settled at 6010 while prices down 3.5 rupees.
Now MCX Crude Palm Oil is getting support at 561.1 and below same could see a test of 559.1 level, And resistance is now likely to be seen at 566, a move above could see prices testing 568.9.
Crude Palm Oil on MCX settled down by 0.62% at 563.2 due to weaker international prices and higher imports and forecasts of rising production. Palm oil production forecast to rise in the last quarter of the year in line with the seasonal trend.
Global palm oil output will climb by nearly 2.5 million tonnes in 2019, although growth will slow in top producer Indonesia. Crude palm oil production will revive outside Indonesia in 2019, but Indonesian growth will slow. Robust output in Indonesia has this year helped push up global production of the vegetable oil by an estimated 4 million tonnes.
Malaysian palm oil stockpiles will peak by year-end, and are seen dropping by 750,000 tonnes between December and June. Indonesia’s palm oil industry association GAPKI expects 2018’s total palm oil exports will grow by 7 percent from the previous year.
In the January-September period, shipments from the world’s top exporter of palm oil grew by 4 percent compared with the same period a year earlier, he said. Supriyono was speaking an industry conference on the island of Bali. Indonesia is considering reducing its levy on palm oil exports, a government minister said as the nation pushes to maintain its position in international markets for the commodity.
–Crude Palm Oil trading range for the day is 559.1-568.9.
–Crude Palm Oil dropped due to weaker international prices and higher imports and forecasts of rising production.
–Palm oil production forecast to rise in the last quarter of the year in line with the seasonal trend.
–Global palm oil output will climb by nearly 2.5 million tonnes in 2019, although growth will slow in top producer Indonesia.
–Crude Palm Oil prices in spot market dropped by 1.60 rupees and settled at 565.40 rupees.
Courtesy: Kedia Commodities