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Crude Palm Oil Looking To Take Support At 570

ByCommodityOnline
Published 07/25/2012, 02:34 AM
Updated 05/14/2017, 06:45 AM
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The crude palm oil trading range for the day is 566.67-579.27. Market is looking to take support at 570, a break below could see a test of 566.7 and resistance is likely to be seen at 576.3, a move above could see prices testing 579.3. In yesterday's trading session crude palm oil has touched the low of 569.6 after opening at 574.9, and finally settled at 573.4.

Crude palm oil yesterday traded with the negative node and settled -1.15% down at 573.4 due to weak export demand along with higher production concerns in the next crop year. Palm oil gains limited following improved weather forecasts in drought-hit areas of the U.S.

CPO futures prices for August contract at MCX ended lower at Rs.571.8/10 kg down by 1.49%. Weakness in overall edible oil demand on macroeconomic concerns has pushed down Palm oil prices in Indian future markets.

Risky financial assets including crude oil and grains futures suffered declines as investors liquidated their positions on concerns that the debt crisis could stall global growth and dampen fuel and food demand. The weak sentiment was due in part to slow exports and higher production in No.2 producer Malaysia, which could boost palm oil stocks after they fell to a 14-month low in June.

MCX CPO settled lower on Monday tracking the entire edible oil segment as well as correction in the international markets. India imported 124,125 tonnes of refined palm oil in June, down nearly 25 percent from May.

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