Crude Palm Oil On MCX Settled Up By 1.48%


Crude palm Oil on MCX settled up by 1.48% at 499.2 on short covering after prices dropped on expectation of higher supply. Oil stockpiles in Malaysia is expected to rise by 0.6% to 1.61 million tons in May compared to same period a year ago and the highest level since Dec.

Malaysian Palm Oil Board will release output, stockpiles and export data for the month of May on June 13. Another data released by CIMB showed Malaysia's palm oil output for month of May is expected to rise by 4% to 1.61 million tons as compared to same period a month ago while 18% higher on yearly basis.

Output estimates are below historical May avg rise of 5.7% over past 5 years. According to China’s General Administration of Customs (CNGOIC), China’s April palm oil imports rose 54.6 percent to 4.24 lakh tons compared to April 2016.

Year to date imports of palm oil rose 16.91 percent to 16.76 lakh tons compared to corresponding period last year. Imports from Indonesia in April rose 117.02 percent to 2.94 lakh tons compared to April 2016. Year to date imports of palm oil from Indonesia rose 13.7 percent to 11.36 lakh tons compared to corresponding period last year.

Imports from Malaysia in April rose 2.8 percent to 1.30 lakh tons compared to April 2016. Year to date imports rose 25.71 percent from Malaysia to 5.39 lakh tons compared to corresponding period last year. Technically market is under fresh buying as market has witnessed gain in open interest by 0.98% to settled at 5050 while prices up 7.3 rupees, now CPO is getting support at 494.4 and below same could see a test of 489.5 level, And resistance is now likely to be seen at 502.1, a move above could see prices testing 504.9.
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