Monday 2 March 2015

CRUDE PALM OIL RISEN BY 1.8%

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MCX CRUDE PALM OIL were up by 1.80% to Rs 474.50 per 10 kg in futures trading today as participants created speculative positions following rising demand in the spot markets amid firming trend overseas.
At the MCX crude palm oil for delivery in March rose Rs 8.40, or 1.80%, to Rs 474.50 per 10 kg in a business turnover of 624 lots.
Likewise, the oil for delivery in April was up by Rs 8.40, or 1.79%, to Rs 476.40 per 10 kg in 412 lots.
Technically market is under fresh selling as market has witnessed gain in open interest by 1.94% to settled at 3682 while prices down -1.5 rupee, now CPO is getting support at 463.5 and below same could see a test of 460.8 level, and resistance is now likely to be seen at 469.4, a move above could see prices testing 472.6.
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