Crude Palm oil yesterday traded with the negative node and settled -0.56% down at 501. Cargo surveyor Intertek Agri Services Saturday estimated a 36% decline from the previous month to 389,069 tons during the Sept. 1-10 period.
Another surveyor, SGS (Malaysia) Bhd., put the figure at 377,038 tons. The Malaysian Palm Oil Board said end-August palm oil stocks fell 5.6% from the previous month to 1.88 million tons. August production also fell to 1.67 million tons, from 1.75 million tons in the previous month.
In yesterday's trading session Crude Palm oil has touched the low of 498.8 after opening at 501, and finally settled at 501.
For today's session market is looking to take support at 499.4, a break below could see a test of 497.7 and where as resistance is now likely to be seen at 502.1, a move above could see prices testing 503.1.
Trading Ideas:
Crude Palm Oil trading range is 497.7-503.1.
Crude Palm oil settled weak due to profit booking tracking other weak oilseed complex
Cargo surveyor Intertek Agri Services estimated a 36% decline from the previous month to 389,069 tons
Crude palm oil looks to test support at 499.40 and resistance is seen at 502.10 level.
Crude palm oil prices in spot market prices dropped 3.40 rupees and settled at 500.80 rupees.
Courtesy: Kedia Commodities
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