Technically Crude Palm Oil market is under long liquidation as market has witnessed drop in open interest by 10.82% to settled at 3701 while prices down 25.9 rupees.
Now MCX Crude Palm Oil is getting support at 1046.4 and below same could see a test of 1031.2 levels, and resistance is now likely to be seen at 1074.4, a move above could see prices testing 1087.2.
Crude Palm Oil yesterday settled down by 2.38% at 1061.5 dragged down by cargo surveyor data showing lower exports for the first half of this month, and tracking weakness in rival soyoil.
Malaysia’s exports during Dec. 1-15 fell 9% from the same period in November to 725,600 tonnes, cargo surveyor Amspec Agri said.Rapeseed output in India is likely to rise as much as 29.4% this year as farmers plant more area with the winter-sown oilseed, which will help the world’s biggest importer of vegetable oils to reduce expensive imports.
India’s vegetable oil imports in November rose 11% from a year earlier to 1.17 million tonnes. Import of crude palm oil (CPO) came down during November compared with October as rising palm oil prices reduced the discount it had been enjoying in the global market.
The country’s palm oil import came down to 4.77 lt in November against 6.26 lt in October. The CIF import price of CPO increased to $1,432 a tonne ($1,369).
However, the import of RBD palmolein marginally increased from 58,212 tonnes in October to 58,267 tonnes in November. The CIF import price of RBD palmolein was at $1,395 a tonne ($1,349). In spot market, Crude palm oil dropped by 27.9 Rupees to end at 1072.9 Rupees.
Trading Ideas:
–Crude Palm Oil trading range for the day is 1031.2-1087.2.
–Crude Palm Oil dropped dragged down by cargo surveyor data showing lower exports for the first half of this month, and tracking weakness in rival soyoil.
–India’s vegetable oil imports in November rose 11% from a year earlier to 1.17 million tonnes.
–Import of CPO came down during November compared with October as rising palm oil prices reduced the discount.
–In spot market, Crude palm oil dropped by -27.9 Rupees to end at 1072.9 Rupees.
Courtesy: Kedia Commodities
Source: Comodity Online