MCX Crude Palm Oil likely to move in a range of 1157.8-1233.6
Commodity Online | May 05 2021
UPDATED 11:20:36 IST

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Technically Crude Palm Oil market is under fresh buying as market has witnessed gain in open interest by 0.66% to settled at 5065 while prices up 23.6 rupees.

Now MCX Crude Palm Oil is getting support at 1179 and below same could see a test of 1157.8 levels, and resistance is now likely to be seen at 1216.9, a move above could see prices testing 1233.6.

Crude Palm Oil yesterday settled up by 2.01% at 1200.2 tracking rise in Malaysian prices buoyed by stronger April exports and a rally in rival soyoil amid worries about global edible oils supply.

Exports of Malaysian palm oil products for April rose 10.1% to 1,397,916 tonnes from 1,270,058 tonnes shipped during March, cargo surveyor Intertek Testing Services said.

Dry weather in Brazil is affecting yields of the country's second corn plantings, forecaster Safras & Mercado said as it lowered the country's corn crop estimate and exacerbated concerns of global supply.

Indonesia's March crude palm oil production was up 13.5% compared to the year ago, an official at the country's palm oil association GAPKI told.

Crude palm oil output in March stood at 3.71 million tonnes compared with the 3.27 million tonnes produced in the same month last year.

Compared with February, it rose 20.9%.Indonesia's crude palm oil end stocks however stood at 3.2 million tonnes in March, 5.4% lower than a year ago and 20.6% lower than February. Indonesia estimates that it will export 5.9% more crude and refined palm oil in 2022 than this year, official data showed.

Next year's exports are estimated at 27.135 million tonnes versus the 2021 estimate of 25.612 million, the data from BPDP, the government body in charge of subsidising palm oil programmes, showed. In spot market, Crude palm oil gained by 23 Rupees to end at 1237 Rupees.

Trading Ideas:
--Crude Palm Oil trading range for the day is 1157.8-1233.6.
--Crude Palm Oil gains tracking rise in Malaysian prices buoyed by stronger April exports and amid worries about global edible oils supply.
--Indonesia's March crude palm oil production was up 13.5% compared to the year ago, an official at the country's palm oil association GAPKI told.
--Crude palm oil output in March stood at 3.71 million tonnes compared with the 3.27 million tonnes produced in the same month last year.
--In spot market, Crude palm oil gained by 23 Rupees to end at 1237 Rupees.

Courtesy: Kedia Commodities

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