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News On CPO And Soybean

ByCommodityOnline
Published 05/22/2012, 11:01 AM
Updated 05/14/2017, 06:45 AM

CPO trading range for the day is 561.13-576.53. Market is looking to take support at 564.9, a break below could see a test of 561.1 and resistance is likely to be seen at 572.6, a move above could see prices testing 576.5. In yesterday's trading session Crude Palm oil has touched the low of 565.1 after opening at 569.7, and finally settled at 568.6.

Crude Palm oil yesterday traded with the positive node and settled 0.28% up at 568.6 due to form spot demand.

Soybean trading range for the day is 3279-3521. Support for Soyabean is at 3323 below that could see a test of 3279. Resistance is seen at 3444 above that could see a resistance of 3521. Market has opened at 3434 and made a low of 3356 versus the day high of 3477. The total volume for the day was at 195980 lots and the open interest was at 103090.

NCDEX Soyabean settled also down by more than 1% due to weak global market and profit booking then also Soyabean prices is likely to gain up to Rs.3450 per quintal for short term report by Edelweiss Comtrade.

NCDEX June Soybean futures traded higher in the morning hours as firm overseas market. However, higher prices could sustain and fell sharply an hour before closing the market on account of profit taking and higher US sowing acreage figures also added bearish market sentiments.

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