Palm oil output in Malaysia is expected to edge up to 19.4 million tonnes this year, a senior industry official said, with any damage from a possible El Nino phenomenon likely to be felt only next year
Technically market is under long liquidation as market has witnessed drop in open interest by -44.04% to settled at 996 while prices down -1.1 rupee, now CPO is getting support at 532.7 and below same could see a test of 529.4 level, And resistance is now likely to be seen at 539, a move above could see prices testing 542.
Trading Ideas:
--CPO Trading Range for the day is 529.4-542.
--CPO settled down tracking weakness in spot demand and overseas prices.
--Palm oil stockpiles in Malaysia, increased for a second month in April as production rose to the highest level since December.
--Inventories climbed 4.6 percent to 1.77 million metric tons from a month earlier, the Malaysian Palm Oil Board said.
--Crude palm oil prices in spot market dropped by 3.30 and settled at 532.60 rupees.
www.punjiniveshonline.com
Technically market is under long liquidation as market has witnessed drop in open interest by -44.04% to settled at 996 while prices down -1.1 rupee, now CPO is getting support at 532.7 and below same could see a test of 529.4 level, And resistance is now likely to be seen at 539, a move above could see prices testing 542.
Trading Ideas:
--CPO Trading Range for the day is 529.4-542.
--CPO settled down tracking weakness in spot demand and overseas prices.
--Palm oil stockpiles in Malaysia, increased for a second month in April as production rose to the highest level since December.
--Inventories climbed 4.6 percent to 1.77 million metric tons from a month earlier, the Malaysian Palm Oil Board said.
--Crude palm oil prices in spot market dropped by 3.30 and settled at 532.60 rupees.
www.punjiniveshonline.com
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