Crude Palm oil yesterday traded with the positive node and settled 1.10% up at 571 on short covering by the traders on tight global oilseed supply concerns. India imported 124,125 tonnes of refined palm oil in June, down nearly 25 percent from May and broadly in line with quantities expected according to the average of a poll, data released by a leading trade body showed. 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. Malaysia's June Crude Palm Oil output increased by 6.3% from May to 1.47 million metric tonnes. MPOB stated that the end-June palm oil stocks declined by 4.9% from end-May to 1.70 million tonnes, the lowest level in 14 months. Malaysia's June palm oil exports augmented by 8.7% to 1.53 million tonnes. demand to pick up. Demand is expected to be supported ahead of a slew of Asian festivals starting with Ramadan this week and with China and India celebrating key holidays from September to November. Palm oil stockpiles at end-June fell to a 14-month low of 1.70 million tons, owing to weaker oil palm fruit yields. Palm oil stockpiles could fall further in July, to 1.65 million tons as exports are expected to stay ahead of production. In yesterday's trading session Crude Palm oil has touched the low of 569.3 after opening at 569.7, and finally settled at 571. For today's session market is looking to take support at 568.5, a break below could see a test of 566 and where as resistance is now likely to be seen at 574.3, a move above could see prices testing 577.6.
CPO trading range for the day is 566-577.6.
Crude Palm Oil rose on short covering by the traders on tight global oilseed supply concerns
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
Crude palm oil prices in spot market gained by 6.80 rupees and settled at 569.90 rupees.
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