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Long liquidation seen in MCX Crude Palm Oil
Commodity Online | June 19 2017
UPDATED 12:10:22 IST

Mentha Oil market under short covering; Support seen at 1734.6

Aluminium market under short covering; Support seen at 135.3

Nickel market under short covering; Resistance seen at 775.9

MCX Cotton likely to move in a range of 18373-18733

Short covering seen in MCX Cardamom

Technically MCX Crude Palm Oil is under long liquidation as market has witnessed drop in open interest by -0.63% to settled at 5165.

Now CPO is getting support at 489.2 and below same could see a test of 487.9 level, And resistance is now likely to be seen at 492.7, a move above could see prices testing 494.9.

Crude palm oil ended with flat node amid subdued demand following weak Malaysian palm oil export data. Malaysia palm oil exports during June 1-15 slumped 18% compared to same period a month ago on subdued demand from European Union and Middle East.

Malaysia palm oil exports dropped to 508,960 tons during June 1-15 compared to 359,355 tons for the same period a month ago, DowJones reported citing data from Intertek, a private surveyor.

Palm oil output in Malaysia, the world's second biggest palm oil producer, jumped by 7% during month of May while exports rose by 17%, data released by Malaysian Palm Oil Board showed.

Palm oil output during May rose to 1.65 million tons compared to 1.58 million tons in April. Exports of palm oil from Malaysia during April climbed to 1.50 million tons compared to 1.28 million tons.

According to China’s General Administration of Customs (CNGOIC), China’s April palm oil imports rose 54.6 percent to 4.24 lakh tons compared to April 2016.

Year to date imports of palm oil rose 16.91 percent to 16.76 lakh tons compared to corresponding period last year.

Imports from Indonesia in April rose 117.02 percent to 2.94 lakh tons compared to April 2016. Year to date imports of palm oil from Indonesia rose 13.7 percent to 11.36 lakh tons compared to corresponding period last year.

Trading Ideas:

--CPO trading range for the day is 487.9-494.9.

--Crude palm oil ended with flat node amid subdued demand following weak Malaysian palm oil export data.

--Malaysia palm oil exports during June 1-15 slumped 18% compared to same period a month ago.

--Palm oil output in Malaysia, jumped by 7% during month of May while exports rose by 17%, data released by Malaysian Palm Oil Board showed.

--Crude palm oil prices in spot market dropped by 0.60 rupees and settled at 495.70 rupees.

Courtesy: Kedia Commodities

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