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Technically MCX Crude Palm Oil is getting support at 541.6 and below same could see a test of 539.1 level, And resistance is now likely to be seen at 547.2, a move above could see prices testing 550.3.
Crude palm Oil on MCX settled down by 0.22% at 544 tracking weakness in spot demand and weakness in overseas prices hurt by concerns about oversupply. The MPOB data showed Malaysian end-stocks in December rose 6.9 percent from the previous month to 3.21 million tonnes, the highest in at least 19 years.
December production fell 2 percent from the previous month to 1.81 million tonnes while exports edged up 0.6 percent from November to 1.38 million tonnes, according to the data. December stockpiles to edge up 4.3 percent to 3.14 million tonnes, while production was seen falling 3.6 percent to 1.78 million tonnes.
Exports were also forecast to gain 4.7 percent to 1.44 million tonnes. Indonesia’s palm and palm kernel oil exports in the month of November rose 14 percent to 2.99 million tonnes compared to the same month a year earlier, Indonesia Palm Oil Association (GAPKI) said in a statement.
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On a monthly basis, the shipment fell nearly 5 percent from 3.14 million tonnes in October, due to sluggish demand from big buyers such as China and Europe, GAPKI said. At the end of November, domestic stocks of palm oil stood at 3.89 million tonnes, GAPKI also said, down from 4.41 million tonnes a month earlier.
Malaysia’s palm oil stocks are expected to have hit a 19-year high for end-December, surpassing the 3 million-tonne mark as production levels exceed exports. Stockpiles are expected up 4.3 percent from the previous month to 3.14 million tonnes.
Trading Ideas:
–Crude Palm Oil trading range for the day is 539.1-550.3.
–Crude Palm Oil dropped tracking weakness in spot demand and weakness in overseas prices hurt by concerns about oversupply.
–The MPOB data showed Malaysian end-stocks in December rose 6.9 percent from the previous month to 3.21 million tonnes.
–December production fell 2 percent from the previous month to 1.81 million tonnes while exports edged up 0.6 percent from November to 1.38 million tonnes
–Crude Palm Oil prices in spot market gained by 3.10 rupees and settled at 527.50 rupees.
Courtesy: Kedia Commodities
Source: Commodityonline.com
