Technically Crude Palm Oil market is under short covering as market has witnessed drop in open interest by 4.99% to settled at 4511 while prices up 22.1 rupees.
Now MCX Crude Palm Oil is getting support at 1115.2 and below same could see a test of 1103.1 levels, and resistance is now likely to be seen at 1134.2, a move above could see prices testing 1141.1.
Crude Palm Oil yesterday settled up by 2% at 1127.3 as investors weighed worries of slowing November production against weaker demand. India’s palm oil imports in 2020/21 rose 15.2% from a year ago to 8.32 million tonnes, while soyoil imports fell 15% to 2.87 million tonnes, a leading trade body said.
The country’s vegetable oil imports for the 2020/21 marketing year ended on Oct. 31 stood at 13.53 million tonnes, a tad higher than 13.52 million tonnes a year ago, the Solvent Extractors’ Association of India (SEA) said.
Output in the world’s second-largest palm oil producer is also expected to slow as the peak production season has ended, while the monsoon brings heavy rainfall.
Indonesia, the world’s biggest palm oil maker, exported 2.89 million tonnes of the vegetable oil in September, including refined products, data from Indonesia Palm Oil Association (GAPKI) showed.
Exports were 4.7% higher than a year earlier, but slipped from 4.27 million tonnes in August. Indonesia produced 4.57 million tonnes of palm oil in September and the domestic stock stood at 3.65 million tonnes by the end of the month, the data showed.
October export data improved amid tight supply worries. In spot market, Crude palm oil gained by 9.1 Rupees to end at 1123.2 Rupees.
Trading Ideas:
–Crude Palm Oil trading range for the day is 1103.1-1141.1.
–Crude Palm Oil gained as investors weighed worries of slowing November production against weaker demand.
–India’s palm oil imports in 2020/21 rose 15.2% from a year ago to 8.32 million tonnes
–Malaysia’s Nov 1 – 15 palm oil exports rise 26.6 pct – ITS
–In spot market, Crude palm oil gained by 9.1 Rupees to end at 1123.2 Rupees.
Courtesy: Kedia Commodities
Source: Comodity Online
