Crude Palm oil yesterday traded with the negative node and settled -0.33% down at 547.8 due to profit booking though downside was limited supported by an upbeat demand outlook and strength in energy markets.
Malaysian palm oil exports from Feb. 1 to 20 eased just 2 percent and 0.6 percent from a month ago, according to cargo surveyors Intertek Testing Services and Societe Generale de Surveillance, respectively.
That indicated an improvement in demand prospects compared to a 14 percent decline for the first 15 days of the month.
Crude palm oil exports picked up from near-zero levels in the beginning of the month, with traders attributing the rise to the tax-free export quotas of 3 million tonnes issued early February after weeks of delay.
Palm oil prices have hit an eight-month high due to higher imports by China, forcing Indian companies to raise retail prices for the third time in four months.
In yesterday's trading session Crude Palm Oil has touched the low of 547.1 after opening at 550, and finally settled at 547.8.
For today's session market is looking to take support at 545.5, a break below could see a test of 543.3 and where as resistance is now likely to be seen at 551.6, a move above could see prices testing 555.5.
Trading Ideas:
CPO trading range for the day is 535.5-543.3.
Crude Palm oil dropped due to profit booking though downside was limited supported by an upbeat demand outlook
Malaysian palm oil exports from Feb. 1 to 20 eased just 2 percent and 0.6 percent from a month ago
Crude palm oil exports picked up from near-zero levels in the beginning of the month
Crude palm oil prices in spot market gained by 1.20 rupees and settled at 538.10 rupees.
Courtesy: Kedia Commodities
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