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Technically Crude Palm Oil market is under short covering as market has witnessed drop in open interest by 9.65% to settled at 3165 while prices up 2.5 rupees.
Now MCX Crude Palm Oil is getting support at 551.5 and below same could see a test of 548.8 level, And resistance is now likely to be seen at 557.7, a move above could see prices testing 561.2.
Crude Palm Oil on MCX settled up by 0.45% at 554.1 tracking firmness in spot demand and overseas prices on forecast of declining production in the coming months and improving export data.
India has cut import taxes on crude and refined palm oil from Southeast Asian (ASEAN) countries after a request from suppliers. Indonesia’s palm oil production is expected to rise by 10 percent this year, the country’s industry association said.
Indonesia, the world’s top palm producer and exporter, produced 47.6 million tonnes in 2018, Togar Sitanggang, vice chairman of the Indonesian Palm Oil Association (GAPKI), said in an industry conference Malaysia’s palm oil exports are expected to rise to 17.2 million tonnes in 2019, a 4.3 percent increase from the 16.5 million tonnes shipped last year, according to the Malaysian Palm Oil Board (MPOB).
Total production is also forecast to grow by 4 percent to 20.3 million tonnes this year compared to 19.5 million tonnes recorded in 2018. Malaysia plans to double the mix of palm oil in its biodiesel programme by 2020 in a bid to reduce high domestic stockpiles and boost sustainable energy sources, the government said.
Primary Industries Minister Teresa Kok said the government intends to increase the amount of palm oil in its biodiesel blend to 20 percent by next year, up from its ongoing B10 programme which mandates palm oil use at 10 percent.
–Crude Palm Oil trading range for the day is 548.8-561.2.
–Crude Palm Oil gained tracking firmness in spot demand and overseas prices on forecast of declining production in the coming months and improving export data.
–Palm oil output in Malaysia, the world’s second-largest producer, is forecast to rise to 20.3 million tonnes this year.
–Indonesia’s palm oil production is expected to rise by 10 percent this year, the country’s industry association said.
–Crude Palm Oil prices in spot market gained by 2.30 rupees and settled at 547.10 rupees.
Courtesy: Kedia Commodities