Crude Palm Oil Market Under Long Liquidation, Open Interest Drops 2.78%

Crude palm Oil settled down by -1.82% at 419.6 on higher supply of the oil in domestic market following robust import data. However the downside seen limited by speculation of lower supply from Indonesia and Malaysia, the world's biggest palm oil producers. Crude palm oil imports climbed to 645,653 tons in August compared to 640,072 tons in the same period a month ago, Solvent Extractors Association (SEA) of India showed.

Technically market is under long liquidation as market has witnessed drop in open interest by -2.78% to settled at 3153 while prices down -7.8 rupee, now CPO is getting support at 416.5 and below same could see a test of 413.3 level, and resistance is now likely to be seen at 424.8, a move above could see prices testing 429.9.

Trading Ideas:

• CPO trading range for the day is 413.3-429.9.
• Crude palm oil prices ended with losses on higher supply of the oil in domestic market following robust import data.
• Crude palm oil imports climbed to 645,653 tons in August compared to 640,072 tons in the same period a month ago.
• Malaysia palm oil exports during Sep 1-30 rose 0.65% from a month earlier on higher demand from India & Subcontinents and Middle East.
• Crude palm oil prices in spot market dropped by 7.50 rupees and settled at 422.10 rupees.

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