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Sunday, October 24, 2021

MCX Crude Palm Oil under fresh buying; Resistance seen at 1141.3

Technically Crude Palm Oil market is under fresh buying as market has witnessed gain in open interest by 2.74% to settled at 5359 while prices up 8.7 rupees.

Now MCX Crude Palm Oil is getting support at 1127.2 and below same could see a test of 1119.1 levels, and resistance is now likely to be seen at 1141.3, a move above could see prices testing 1147.3.

Crude Palm Oil yesterday settled up by 0.77% at 1135.4 as industry estimates of weaker September output amid a surge in exports raised concerns over a decline in inventories.

The Southern Peninsula Palm Oil Millers’ Association estimated production in September declined 2.3% from the month before.

Exports of Malaysian palm oil products for September rose 43.2% to 1.7 million tonnes from August, cargo surveyor Societe Generale de Surveillance said.

India’s palm oil imports in September more than doubled from a year ago to a record 1.4 million tonnes as buyers increased purchases of refined palm oil ahead of key festivals and to take advantage of newly lowered duties.

India’s palm oil imports in September more than doubled from a year ago to a record 1.4 million tonnes as buyers increased purchases of refined palm oil ahead of key festivals and to take advantage of newly lowered duties.

Higher purchases by India, the world’s biggest buyer of vegetable oils, could support palm oil prices that are trading near a record high hit earlier this week.

The country’s total vegetable oil imports in September jumped 72% from a year ago to a record 1.8 million tonnes, including more than 400,000 tonnes of refined palm oil. In spot market, Crude palm oil gained by 0.6 Rupees to end at 1152.4 Rupees.

Trading Ideas:
–Crude Palm Oil trading range for the day is 1119.1-1147.3.
–Crude Palm Oil remained supported as industry estimates of weaker September output amid a surge in exports raised concerns over a decline in inventories.
–The Southern Peninsula Palm Oil Millers’ Association estimated production in September declined 2.3% from the month before.
–India’s palm oil imports in Sept to a record 1.4 mln T
–In spot market, Crude palm oil dropped by 1 Rupees to end at 1148.8 Rupees.

Courtesy: Kedia Commodities

Source: Comodity Online

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