Crude Palm Oil trading range for the day is 558.8-568.6. The market is looking to take support at 561.2, and a break below could see a test of 558.8 and resistance is likely to be seen at 566.1. A move above could see prices testing 568.6. In yesterday's trading session, crude palm oil touched the low of 561.3 after opening at 564.5, and finally settled at 563.6.
Crude palm oil yesterday traded with the negative node and settled -0.34% down at 563.6 on weaker exports and better production outlook in Malaysia after a recent U.S. weather-fuelled rally. Malaysia's July 1-15 palm oil exports tumbled more than 20 percent from a month ago at a time when stronger production was expected for the month.
Palm oil stockpiles at end-June fell to a 14-month low of 1.70 million tons, owing to weaker palm oil fruit yields.
MCX CPO settled lower by 0.01% and 0.24% respectively on Wednesday taking cues from a correction in soybean prices due to an increase in the special margins. Palm oil production in Indonesia, the world's top producer, will increase by at least 7 percent this year, boosted by maturing plantation areas producing higher yields.
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Crude Palm Oil Trading At 558.8-568.6 Friday
Published 07/20/2012, 03:10 AM
Updated 05/14/2017, 06:45 AM
Crude Palm Oil Trading At 558.8-568.6 Friday
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