CPO trading range for the day is 552.53-568.73. Market is looking to take support at 557.8, a break below could see a test of 552.5 and resistance is now likely to be seen at 565.9, a move above could see prices testing 568.7. In Thursday's trading session crude palm oil touched the low of 555.4 after opening at 557.6, and finally settled at 563.
Crude palm oil yesterday traded with the negative node and settled -0.14% down at 563 due to profit booking amid a weak trend in global markets. Palm oil touched a near three-week high on Wednesday on concerns that dry weather in the U.S. could tighten global oilseeds supply. Investors also took cues from supportive fundamentals after the Greece elections helped ease concern over the eurozone debt crisis.
Palm oil exports in the June 1-20 period rose 15% from the same period in May to 991,917 tons, cargo surveyor Intertek Agri Services said. Another surveyor, SGS (Malaysia) Bhd., put June 1-20 shipments at 996,662 tons, an increase of 15%, boosted by demand from major vegoil consumer China and Ramadan buying.
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CPO High On US Dry Weather Concern
Published 06/22/2012, 03:21 AM
Updated 05/14/2017, 06:45 AM
CPO High On US Dry Weather Concern
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