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Technically Crude Palm Oil market is under fresh selling as market has witnessed gain in open interest by 3.56% to settled at 5350.
Now MCX Crude Palm Oil is getting support at 547.6 and below same could see a test of 544 level, And resistance is now likely to be seen at 554.4, a move above could see prices testing 557.6.
Crude Palm Oil on MCX settled flat pressured by weaker spot demand and forecast that Malaysia’s February palm output will be higher than usual. Palm oil production usually declines during the first quarter of the year in line with seasonal trend.
Monthly output in February is also expected to fall from the previous month on fewer working days. Output in Malaysia, the world’s second-largest producer and exporter, fell 3.9 percent to 1.74 million tonnes last month, data from the Malaysian Palm Oil Board showed.
Malaysia kept its export duty on crude palm oil for March at zero percent, according to a circular on the Malaysian Palm Oil Board’s website. The duty has been at zero percent since September.
Malaysian palm oil prices are set to hold steady in 2019 at an average of 2,303 ringgit ($565) a tonne, according to estimates by the Malaysian Palm Oil Council (MPOC), while global output of the tropical oil is expected to rise by 3 million tonnes.
“Global palm oil production is projected to be 72 million tonnes, with Malaysia and Indonesia as leading producers,” the MPOC said in an online conference presentation. Rising production could cap recent price gains for palm oil, which has been recovering after touching a 3-year low last November at 1,940 ringgit a tonne.
MPOC, Malaysia’s key marketing agency for palm oil, also estimated that Malaysian output would rise to 20.2 million tonnes in 2019 and pegged Indonesian production at 42.8 million tonnes.
–Crude Palm Oil trading range for the day is 544-557.6.
–Crude palm oil dropped pressured by weaker spot demand and forecast that Malaysia’s February palm output will be higher than usual.
–Output in Malaysia, fell 3.9 percent to 1.74 million tonnes last month, data from the Malaysian Palm Oil Board showed.
–Malaysia kept its export duty on crude palm oil for March at zero percent, according to a circular on the Malaysian Palm Oil Board’s website.
–Crude palm oil prices in spot market dropped by 0.10 rupees and settled at 548.30 rupees.
Courtesy: Kedia Commodities