CRUDE PALM OIL DECLINES BY 0.1% ON LOW DEMAND

Crude palm oil prices eased by 0.11% to Rs 446.50 per 10 kg in futures trading today as participants indulged in reducing holdings due to lower demand in the spot market.
At the MCX Crude palm oil for delivery in May month weakened by 50 paise, or 0.11% to Rs 446.50 per 10 kg in business turnover of 75 lots.
Similarly, the oil for delivery in June contracts shed 40 paise, or 0.09% to Rs 449 per 10 kg in 72 lots.
Market analysts said offloading of positions by participants amid sluggish demand in the spot market against adequate supplies mainly led to a fall in crude palm oil futures.
Technically market is under short covering as market has witnessed drop in open interest by -2.49% to settled at 4621 while prices up 3.5 rupee, now CPO is getting support at 443.9 and below same could see a test of 440.9 level, and resistance is now likely to be seen at 450.2, a move above could see prices testing 453.5.
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