Commodity Trading Tips for Crude Palm oil by KediaCommodity

Crude Palm oilCrude Palm oil yesterday traded with the positive node and settled 0.8% up at 455.5 on encouraging manufacturing data from China and some fall in output this month. Export of palm oil products from Malaysia rose by 13.7 cent to 922,987 tons during March 1-20. Exports were at 811,722 tons during the corresponding period last month, according to cargo surveyor Societe Generale de Surveillance. India imported 67,642 tons of palm oil products during first twenty days of March, fell 37.6 percent m-o-m basis. Palm oil inventories may be further eased due to seasonally lower palm oil production phase and firm exports. However, stocks levels of Palm oil in the South East Asian countries are still higher compared to the seasonal stock levels, which may restrict excessive gains in the coming weeks. After rising to a record 2.63 mn tons in December, Palm oil stockpiles have eased to 2.44 mn tons at end-February, according to Malaysia Plam Oil Board. Meanwhile, to offset the lower 56% drop in Crude Palm Oil shipments from Malaysia on account of higher export tax, refined palmolein shipments nearly doubled to 501,177 tons in March 1-20, 2013. Crude palm oil from No. 2 producer Malaysia is currently cheaper than products from top producer Indonesia, thanks to an export tax levied at 4.5 percent, compared with Indonesia's 10.5 percent. In yesterday's trading session Crude Palm oil has touched the low of 453 after opening at 453.9, and finally settled at 455.5. For today's session market is looking to take support at 453.7, a break below could see a test of 452 and where as resistance is now likely to be seen at 456.5, a move above could see prices testing 457.6.

Trading Ideas:

CPO trading range for the day is 451.97-457.57.

Crude palm oil prices gains on encouraging manufacturing data from China and some fall in output this month.

Export of palm oil products from Malaysia rose by 13.7 cent to 922,987 tons during March 1-20.

India imported 67,642 tons of palm oil products during first twenty days of March, fell 37.6 percent m-o-m basis.

Crude palm oil prices in spot market gained by Rs. 2.80 and settled at 453.40 rupees.