Technically Crude Palm Oil market is under fresh buying as market has witnessed gain in open interest by 4.47% to settled at 4652 while prices up 3.5 rupees.
Now MCX Crude Palm Oil is getting support at 1126.3 and below same could see a test of 1117.7 levels, and resistance is now likely to be seen at 1140.2, a move above could see prices testing 1145.5.
Crude Palm Oil yesterday settled up by 0.31% at 1134.9 as Southern Peninsula Palm Oil Millers' Association's (SPPOMA) production data had cushioned the fall in CPO prices.
SPPOMA revealed the Nov 1-20 production data was lower by 2.4%, compared to the same period last month.
However, upside seen limited following an outlook of better vegetable oil production next year. Indonesia's total palm oil exports are expected to fall for a second year by 0.34% in 2021 from a year earlier, the vice chairman of the country's palm oil association said.
Indonesia's crude palm oil exports, meanwhile, are expected to plummet by 60.5% this year compared to 2020, vice chairman Togar Sitanggang told.
Global production of the top four vegetable oils – palm, sunflower, soy and rapeseed oils – is likely to rise the highest in four years, up by 6.3 million to 6.8 tonnes in the 2021/2022 crop year altogether.
India's palm oil imports in 2020/21 rose 15.2% from a year ago to 8.32 million tonnes, while soyoil imports fell 15% to 2.87 million tonnes, a leading trade body said.
The country's vegetable oil imports for the 2020/21 marketing year ended on Oct. 31 stood at 13.53 million tonnes, a tad higher than 13.52 million tonnes a year ago, the Solvent Extractors' Association of India (SEA) said. In spot market, Crude palm oil gained by 3.1 Rupees to end at 1148.4 Rupees.
--Crude Palm Oil trading range for the day is 1117.7-1145.5.
--Crude Palm Oil gained as SPPOMA revealed the Nov 1-20 production data was lower by 2.4%, compared to the same period last month.
--Indonesia 2021 total palm oil exports seen down 0.34%
--India's palm oil imports in 2020/21 rose 15.2% from a year ago to 8.32 million tonnes, while soyoil imports fell 15% to 2.87 million tonnes
--In spot market, Crude palm oil gained by 3.1 Rupees to end at 1148.4 Rupees.
Courtesy: Kedia Commodities