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CPO Trading CPO Range For The Day Is 564.2-574.4

ByCommodityOnline
Published 07/12/2012, 04:21 AM
Updated 05/14/2017, 06:45 AM
IMOEX
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CPO trading range for the day is 564.2-574.4. Market is looking to take support at 566.4, a break below could see a test of 564.2 and resistance is likely to be seen at 571.5, a move above could see prices testing 574.4. In yesterday's trading session crude palm oil  touched the low of 567.1 after opening at 571.1, and finally settled at 568.6.

Crude palm oil yesterday traded with the negative node and settled -1.03% down at 568.6 on the back of poor demand from the overseas buyers. Weak exports signalled that consumers might have stocked up well ahead of the Muslim holy month of Ramadan.

MCX CPO settled lower by 0.2% and 1.03% respectively on Tuesday on profit taking. Palm oil production in the world's top producer Indonesia will increase by at least 7 percent this year, boosted by maturing plantation areas producing higher yields.

Malaysian palm oil exports for the first 10 days of July fell by more than a fifth from a month ago according to a cargo surveyor late on Tuesday, easing pressure on palm oil stocks which hit a 14-month low last month and weighing on the market.

Malaysia's June palm oil exports augmented by 8.7% to 1.53 million tonnes. China and India also celebrate key holidays in September through to November. Strong Asian demand last month saw Malaysian palm oil stocks fall to a 14-month low, government data showed on Tuesday.

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