MCX CRUDE PALM OIL UP 1.5% ON SPOT DEMAND

• CPO trading range for the day is 454-464.2. CRUDE PALM OIL prices moved up by 1.48% to Rs 465.90 per 10 kg in futures market today as speculators indulged in creating fresh positions coupled with rising demand in spot markets.
• Crude palm oil prices in spot market dropped by 3.50 and settled at 456.00 rupees.
• MCX crude palm oil for delivery in January rose Rs 6.80, or 1.48%, to Rs 465.90 per 10 kg in a business turnover of 511 lots.
• Technically market is under long liquidation as market has witnessed drop in open interest by -27.54% to settled at 1521 while prices down -2.6 rupee, now CPO is getting support at 456.5 and below same could see a test of 454 level, And resistance is now likely to be seen at 461.6, a move above could see prices testing 464.2.