CPO Trading Range For The Day Is 645.3-656.9.



Ended with losses due to weak international prices and spot demand due to higher stocks. The government has raised the base import price of palm oil. The government hiked the base import price of RMD Palmolein to $681 per tn from $672 per tn. The base import price of CPO has been hiked to $658 per tn from $655 per tn. India’s palm oil imports may dropped in April due to higher taxes on shipments and weaker rupees making imports expensive.

As per SEA latest report, CPO imports in March increased by 30.33% compared to same period a year ago despite the govt. imposed higher duty. Indonesia's shipment of palm oil and palm kernel oil dropped 7 percent to 2.39 million tonnes in April from a year earlier, the Indonesian Palm Oil Association (GAPKI) said. "This is an unusual phenomenon, because usually prior to Ramadan, palm oil demand from India increases, but not in this year," it said in a statement, pointing to higher import duty in India. Crude palm oil production and exports from Indonesia, the world's top producer, likely rose in April from a month earlier.

Output in April was forecast to rise to 3.65 million tonnes, from 3.34 million tonnes in March. Exports were also expected to have risen to 2.65 million tonnes in April, from 2.50 million tonnes in the previous month. Technically market is under fresh selling as market has witnessed gain in open interest by 3.54% to settled at 5997 while prices down -0.4 rupees, now CPO is getting support at 648.9 and below same could see a test of 645.3 level, And resistance is now likely to be seen at 654.7, a move above could see prices testing 656.9.

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