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Crude Palm Oil Trading Range Between 562.73 And 573.13 Today

ByCommodityOnline
Published 07/25/2012, 03:34 AM
Updated 05/14/2017, 06:45 AM
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Crude palm oil trading range for the day is 562.73-573.13. Market is looking to take support at 565, a break below could see a test of 562.7 and resistance is likely to be seen at 570.2, a move above could see prices testing 573.1. In yesterday's trading session crude palm oil has touched the low of 565.7 after opening at 570.7, and finally settled at 567.2.

Crude palm oil yesterday traded with the negative node and settled -1.32% down at 567.2 on the back of weak export demand amid higher production concerns in the next crop year.

MCX CPO settled lower on Tuesday tracking the entire edible oil segment as well as correction in the international markets. 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 tonnes, down 12.7 percent from 896,921 tonnes in the previous month, the data from the Solvent Extractors' Association (SEA) showed.

CPO futures prices for August contract at MCX dropped to Rs.568.6/10 kg down by 1.39%. Macro economic concerns, lower demand from China and European nations have pushed down palm oil prices in international futures market which was even reflected in Indian markets.

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