Fundamental Analysis MCX CPO futures closed lower on account of weakness in BMD CPO future on Thursday.
Lower prices of crude oil also added bearish tone on bio-diesel concerned.
Soy oil futures closed lower at Dalian Commodities Exchange on account cheaper availability of imported vegetable oil in local market.
According to SGS (a cargo surveyor) palm oil export in the month of November increased by 0.8% to 1.33 million tonnes as compared to October. It is below than market expectations of 1.4 million tonnes.
Technical Analysis CPO Prices (MCX Dec Contract) closed lower at 253.20 on Thursday; from its high of the day (255.80) and touched a low of 251.50.
Prices closed below its 10 Days & its 20 Days EMA. 14-Days RSI is at 37.65.
Prices are likely to trade down with short-term and support and Resistance.
Outlook Crude palm oil futures are expected to trade lower on huge losses at BMD CPO futures, Malaysia. For long term, CPO prices are expected to come down on higher production and stock of palm oil in Indonesia as well as in Malaysia.
Courtesy: Angel Commodities
