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Crude Palm Oil Trading Patterns And Ideas: July 17, 2012

ByCommodityOnline
Published 07/17/2012, 03:10 AM
Updated 05/14/2017, 06:45 AM

Crude palm oil trading range for the day is 566-577.6. Market is looking to take support at 568.5, a break below could see a test of 566 and resistance is likely to be seen at 574.3, a move above could see prices testing 577.6. In yesterday's trading session crude palm oil has touched the low of 569.3 after opening at 569.7, and finally settled at 571.

Crude palm oil yesterday traded with the positive node and settled 1.10% up at 571 on short covering by the traders on tight global oilseed supply concerns. India imported 124,125 tonnes of refined palm oil in June, down nearly 25 percent from May and broadly in line with quantities expected according to the average of a poll, data released by a leading trade body showed.

MCX CPO settled higher by 0.35% and 0.34% respectively on Saturday on firm global prices. India imported 124,125 tonnes of refined palm oil in June, down nearly 25 percent from May. Total vegetable oil imports in June were 783,315 tonnes, down 12.7 percent from 896,921 tonnes in the previous month, the data from the Solvent Extractors' Association (SEA) showed.

CPO futures prices for August contract at MCX were higher at Rs.574.1/10 kg up by 1.34%. Declining palm oil exports and expectations of higher reserves of palm oil in Malaysia in coming days has influenced a downward momentum in palm oil prices in international markets.

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