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Crude Palm Oil Market Looking To Take Support At 562.5

ByCommodityOnline
Published 07/19/2012, 01:32 AM
Updated 05/14/2017, 06:45 AM
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The crude palm oil trading range for the day is 556.7-576.9. The market is looking to take support at 562.5, and a break below could see a test of 556.7. Resistance is likely to be seen at 572.6 and a move above could see prices testing 576.9. In yesterday's trading session crude palm oil touched the low of 561 after opening at 569.2, and finally settled at 568.3.

Crude palm oil yesterday traded with the negative node and settled -0.54% down at 568.3 as traders booked profits tracking weakness in spot demand. Cargo surveyor Intertek Testing Services reported a 21 percent decline in Malaysian exports for the first 15 days of the month.

MCX CPO settled higher by 1.87% and 1.03% respectively on Tuesday taking cues from a correction in soybean prices due to an increase in the margins. India imported 124,125 tonnes of refined palm oil in June, down nearly 25 percent from May. Total vegetable oil imports in June were 783,315 tons, down 12.7 percent from 896,921 tons in the previous month, the data from the Solvent Extractors' Association (SEA) showed.

Malaysia's June crude palm oil output increased by 6.3% from May to 1.47 million metric tons. Palm oil stockpiles at end-June fell to a 14-month low of 1.70 million tons, owing to weaker oil palm fruit yields. Palm oil stockpiles could fall further in July, to 1.65 million tons as exports are expected to stay ahead of production.

Total vegetable oil imports in June were 783,315 tonnes, down 12.7 percent from 896,921 tons in the previous month, the data from the Solvent Extractors' Association (SEA) showed.

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