Crude Palm Oil yesterday traded with the positive node and settled 0.68% up at 531 due to short covering amid firm spot market demand. Prices also dropped below the 2,900-ringgit mark for the first time this year. Malaysian palm oil exports were lacklustre for June 1-10, but traders expect shipments to pick up as India and Pakistan restock ahead of the Muslim fasting month starting in mid-July. As per latest release from Cargo Surveyor Intertek Agri Services, Malaysia's palm oil exports in the first 15 days of June increased by 20% from the same period in May to 7.16 lakh metric tonnes. Malaysian palm oil exports during the June 1-15 period jumped 20% from the same period last month to 716,322 tons, cargo surveyor Intertek Agri Services said, lifted by improved shipments to China and the Indian subcontinent. Another surveyor, SGS (Malaysia) Bhd., put exports for the same period at 722,455 tons, an increase of 28%. Palm oil stocks could dip further if export demand remains strong for the rest of the month, potentially falling to 1.70 million tons at the end of June. Palm oil stocks in May fell to a 13-month low of 1.76 million tons, according to June 11 data by industry regulator the Malaysian Palm Oil Board. In yesterday's trading session Crude Palm oil has touched the low of 528.5 after opening at 528.5, and finally settled at 531. For today's session market is looking to take support at 528.7, a break below could see a test of 526.3 and where as resistance is now likely to be seen at 533.2, a move above could see prices testing 535.3.
CPO trading range for the day is 526.33-535.33.
Crude palm oil ended with good gains due to short covering amid firm spot market demand.
Prices dropped below the 2,900-ringgit mark for the first time this year.
Malaysia's palm oil exports increased by 20% from the same period in May to 7.16 lakh metric tonnes.
Crude palm oil prices in spot market gained by 2.80 rupees and settled at 530 rupees.