CRUDE PALM OIL EXTEND GAINS ON SPOT DEMAND

• Continued its rising streak for the third straight day, crude palm oil prices advanced 0.43% to Rs 472.40 per 10 kg in futures market today as speculators enlarged positions, tracking a firm trend at spot market on strong demand.
• Multi Commodity Exchange, crude palm oil for delivery in far-month February added Rs 2, or 0.43% to Rs 472.40 per 10 kg in business turnover of 282 lots.
• The oil for delivery in January contract rose by Rs 1.70, or 0.37% to Rs 464.50 per 10 kg in 213 lots.
• Technically market is under short covering as market has witnessed drop in open interest by -1.13% to settled at 4113 while prices up 1.1 rupee, Now CPO is getting support at 458.4 and below same could see a test of 453.9 level, and resistance is now likely to be seen at 465.7, a move above could see prices testing 468.5.