Crude Palm oil yesterday traded with the positive node and settled 0.3% up at 502.7 tracking gains in other oilseed counters.
Malaysia's palm oil exports for the rest of 2011 will be flat at best with a negative outlook for next year as refiners are at a price disadvantage after No.1 producer Indonesia slashed refined palmolein export taxes, a top industry official said.
Malaysia does not tax its processed palm oil exports, its costs have risen due to tight crude palm oil supplies that it usually supplements with imports from Indonesia.
In yesterday's trading session Crude Palm oil has touched the low of 497.3 after opening at 501, and finally settled at 502.7. For today's session market is looking to take support at 498.9, a break below could see a test of 495.2 and where as resistance is now likely to be seen at 504.8, a move above could see prices testing 507.
Trading Ideas:
Crude Palm Oil trading range is 495.2-507.
Crude Palm oil yesterday traded with the positive node tracking gains in other oilseed counters
No shutdown in Malaysian refining capacity in the short term
Crude palm oil looks to test support at 498.90 and resistance is seen at 504.80 level.
Crude palm oil prices in spot market prices dropped 2.40 rupees and settled at 503.20 rupees.
Courtesy: Kedia Commodities
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