Crude Palm oil yesterday traded with the positive node and settled 0.89% up at 521.2 tracking broader markets, such as soyoil, ahead of a key U.S. crop report on Thursday.
Investors are keeping an eye on the February crop production as well as the supply and demand reports set to be issued by the U.S Department of Agriculture on Thursday.
Malaysian palm oil exports for January eased close to 12 percent and 13 percent, according to cargo surveyors Intertek Testing Services and Societe Generale de Surveillance.
Malaysian palm oil exporters had stopped supplying most of the 30,000 tonnes of the staple that Iran buys each month from the Southeast Asian producer as Western financial sanctions against Tehran stymie payments.
In yesterday's trading session Crude Palm Oil has touched the low of 514.2 after opening at 516.8, and finally settled at 521.2.
For today's session market is looking to take support at 516.1, a break below could see a test of 511.1 and where as resistance is now likely to be seen at 524.3, a move above could see prices testing 527.5.
Trading Ideas:
CPO trading range for the day is 511.07-527.47.
Crude palm oil jumped tracking spot market demand ahead of a key U.S. crop report on Thursday
Malaysian exporters stop supplying palm oil to Iran
Malaysian palm oil exports for January eased close to 12 percent and 13 percent
Crude palm oil prices in spot market gained by 4.60 rupees and settled at 518.30 rupees.
Courtesy: Kedia Commodities
Looking for Agri Research? Visit research.commodityonline.com
