Crude palm oil trading range for the day is 564.43-575.03. Market is looking to take support at 567.1, a break below could see a test of 564.4 and resistance is likely to be seen at 572.4, a move above could see prices testing 575. In yesterday's trading session Crude Palm oil has touched the low of 567.1 after opening at 568.6, and finally settled at 569.7.
Crude Palm oil yesterday traded with the positive node and settled 0.04% up at 569.7 on expectations of pick up in spot market demand amid low stocks. A drop in Soybean oil supply could shift more vegetable oil demand to the cheaper Palm oil.
Malaysian Palm oil stocks are expected to hit 1.9 million tons by the end of July and could cross 2 million tons in August, rising from a 14-month low of 1.7 million tons at the end of June.
BMD CPO futures ended flat after touching its lowest in the week on Thursday riding on the back of favorable weather forecasts that eased concerns of tighter oilseed supplies. A better chance of rain was expected late this week in portions of the drought stricken soy growing regions of US, bringing some relief to the struggling spring crops.
Malaysian Palm oil exports fell by 15 percent and 19 percent in July from a month ago, according to cargo surveyors Intertek Testing Services and Societe Generale de Surveillance respectively. Potential for further crop damage, due to forecasts for dry conditions in the U.S. the next few weeks, may tighten further global supplies of vegoils and underpin international vegoil prices.
A government official said Monday the duty-free CPO export quota boost could help prevent a build-up in stocks as output in the biggest producer of Palm oil after Indonesia will rise on seasonal factors.
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CPO Trading Range Between 564.43-575.03: August 3, 2012
Published 08/03/2012, 03:07 AM
Updated 05/14/2017, 06:45 AM
CPO Trading Range Between 564.43-575.03: August 3, 2012
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