CPO trading range for the day is 561.1-569.1. Market is looking to take support at 562.9, a break below could see a test of 561.1 and resistance is likely to be seen at 566.9, a move above could see prices testing 569.1. In yesterday's trading session Crude Palm oil has touched the low of 563.3 after opening at 565, and finally settled at 564.7.
Crude Palm oil yesterday traded with the negative node and settled -0.37% down at 564.7 tracking weak overseas market as expectations of higher stocks in No.2 producer Malaysia erased higher risk appetite on better-than-expected U.S. jobs data.
Market participants remain wary that weakness in export demand, at a time when Palm oil production in Southeast Asia is seasonally higher, will drive up stockpiles to 2 million tons in coming months.
MCX CPO settled lower on Monday taking cues from the Malaysian supplies which are higher due to seasonally higher yield during this period. Malaysian Palm oil board would release its report on stocks exports and production later this week.
The weather event could affect Palm oil yields in the January-March quarter next year, which will "cut into peak production and demand period.
Malaysian Palm oil Production has risen consistently since March 2012 and expected to go as high as 1.9 mn tn in September. On the other hand, exports have fallen 14.8 percent in July to below 1.23mn tonnes compared to 1.45mn tonnes a month ago due to a lull in Asian demand.
Crude Palm oil yesterday traded with the negative node and settled -0.37% down at 564.7 tracking weak overseas market as expectations of higher stocks in No.2 producer Malaysia erased higher risk appetite on better-than-expected U.S. jobs data.
Market participants remain wary that weakness in export demand, at a time when Palm oil production in Southeast Asia is seasonally higher, will drive up stockpiles to 2 million tons in coming months.
MCX CPO settled lower on Monday taking cues from the Malaysian supplies which are higher due to seasonally higher yield during this period. Malaysian Palm oil board would release its report on stocks exports and production later this week.
The weather event could affect Palm oil yields in the January-March quarter next year, which will "cut into peak production and demand period.
Malaysian Palm oil Production has risen consistently since March 2012 and expected to go as high as 1.9 mn tn in September. On the other hand, exports have fallen 14.8 percent in July to below 1.23mn tonnes compared to 1.45mn tonnes a month ago due to a lull in Asian demand.
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