Crude Palm Oil yesterday traded with the negative node and settled -0.07% down at 565 tracking weak spot demand amid weak overseas prices as Malaysian crude palm oil edged lower as traders booked profits from a weather-fuelled rally that had boosted prices by more than 3 percent this week. Malaysia's palm oil demand climbed in June from a month earlier, according to cargo surveyor data, boosted by higher exports to India and Pakistan. Both South Asian countries were stocking ahead of the Muslim fasting month of Ramadan that begins at the end of July, when fasting in the day is followed by feasting at night. Higher exports could pile further pressure on Malaysia's stocks, which fell to a 13-month low in May. Malaysia's palm oil output in June might be 8%-10% higher from a month earlier due to favorable weather. Traders expect last-minute buying to support demand ahead of the Muslim fasting month of Ramadan that starts at the end of July. But the hot and dry weather in the United States that tightened the supply of soybeans has provided support for palm oil prices. In yesterday's trading session Crude Palm oil has touched the low of 560.8 after opening at 567.7, and finally settled at 565. For today's session market is looking to take support at 561.3, a break below could see a test of 557.6 and where as resistance is now likely to be seen at 568.2, a move above could see prices testing 571.4.
CPO trading range for the day is 557.6-571.4.
Crude Palm oil yesterday traded with the negative node tracking weak spot demand amid weak overseas prices
Malaysia's palm oil demand climbed in June from a month earlierboosted by higher exports to India and Pakistan.
Malaysia's palm oil output in June might be 8%-10% higher from a month earlier due to favorable weather.
Crude palm oil prices in spot market dropped by 2.80 rupees and settled at 558.90 rupees.
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