Crude palm Oil on MCX settled up by 0.32% at 590.2 tracking firmness in spot demand despite of weak export data from Malaysia. Palm oil prices were up after stockpiles of the second largest crude oil producer slipped 17.29% to 1.46 million tons in August end compared to 1.770 million tons a month ago, MPBO data showed. Crude palm oil stocks declined 25.78 per cent to 757,405 tonnes in August from 1.02 million tonnes at end-July. The MPOB said processed palm oil stocks dropped 5.73 per cent to 707,086 tonnes in August versus 750,096 tonnes in July.
Technically market is under fresh buying as market has witnessed gain in open interest by 2.82% to settled at 5076 while prices up 1.9 rupee, now CPO is getting support at 586.1 and below same could see a test of 582 level, And resistance is now likely to be seen at 592.8, a move above could see prices testing 595.4.
Get real time advice from Our Best Advisory - Capitalstars
0 comments:
Post a Comment