MCX CRUDE PALM OIL COUNTINUES BEARISH OUTLOOK

• Crude Palm Oil(CPO) futures traded on a negative note on Thursday on account of sluggish demand of CPO. Weak international market and weakness in crude oil prices may impact negatively for crude palm oil prices.
• CPO December contract fell by 0.23% to 434 level on Thursday at India's Multi Commodity Exchange(MCX).
• CPO December contract is likely to trade bearish for both short term and intra day. Short term support is seen at 425 and resistance at 444. Intra day support is seen at 430 and resistance at 438.
• India is likely to import about 13 lakh tons in year 2014-2015 and as per trade sources out of the anticipated 13 lakh tonnes, roughly 9 lakh tonnes of imports shall be contributed by palm oil while remaining quantity is expected to be from other edible oils.