Crude Palm oil yesterday traded with the positive node and settled 0.14% up at 491 on low level buying tracking gains in other oilseed counters. Pressure from steep losses in crude-oil futures–down and concerns about Chinese palm oil importers canceling export deals due to a wide price disparity between imported oils and local prices drove palm oil prices lower. Shipments of palm oil during the Aug. 1-20 period probably reached 1.17 million tons, an increase of 14%-15% from the previous month, trade participants said. Cargo surveyor Intertek Agri Services and SGS (Malaysia) Bhd., estimated July 1-20 shipments at 1.02 million and 1.03 million tons, respectively. In yesterday's trading session Crude Palm oil has touched the low of 490.3 after opening at 491.9, and finally settled at 491. For today's session market is looking to take support at 490.2, a break below could see a test of 489.5 and where as resistance is now likely to be seen at 491.8, a move above could see prices testing 492.7.
Crude Palm Oil trading range is 489.5-492.7.
Crude Palm oil prices gained on low level buying tracking gains in other oilseed counters
Cargo surveyor Intertek Agri Services estimated July 1-20 shipments at 1.02 million
Crude palm oil looks to test support at 490.20 and resistance is seen at 491.80.
Crude palm oil prices in spot market prices gained 1.40 rupees and settled at 493.90 rupees.
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