Crude Palm Oil yesterday traded with the positive node and settled 1.11% up at 583.3 supported by bargain hunting after prices fell, although concerns remained that demand could be hit if Greece exits the euro zone. Buying interest picked up as some traders felt that the market was oversold. Malaysian exports for the first 15 days showed a slight improvement, reinforcing the view that palm oil fundamentals remained solid despite global economic uncertainty. Malaysian palm oil exports for first 15 days of May picked up by a slight 0.7 percent to 599,044 tonnes, according to cargo surveyor Intertek Testing Services, reflecting a still-healthy demand for the edible oil. Another cargo surveyor Societe Generale de Surveillance meanwhile reported a 7 percent drop in exports to 564,477 tonnes, thanks to lower shipments to China and India. But traders said the lower exports did not weigh on prices much as they do not necessarily indicate weaker demand and especially in an already-oversold market. As per latest release from Cargo Surveyor Intertek Agri Services, Malaysia's palm oil exports in the first 15 days of May increased by 0.7% from the same period in April to 5.99 lakh metric tonnes. In yesterday's trading session Crude Palm oil has touched the low of 575.5 after opening at 581.7, and finally settled at 583.3. For today's session market is looking to take support at 577.3, a break below could see a test of 571.2 and where as resistance is now likely to be seen at 587.6, a move above could see prices testing 591.8.
Trading Ideas:
CPO trading range for the day is 571.23-591.83.
Crude palm oil rebounded supported by bargain hunting after prices fell in last some sessions
Malaysian palm oil exports for first 15 days of May picked up by a slight 0.7 percent to 599,044 tonnes
Malaysia's palm oil exports in the first 15 days of May increased by 0.7% from same period in April to 5.99 lakh mt tns
Crude palm oil prices in spot market dropped by 0.60 rupees and settled at 583.80 rupees.
michelle rounds dan quayle brett favre packers stock packers stock mastectomy st. nicholas
No comments:
Post a Comment