MCX CRUDE PALM OIL FALLS BY 1.7% ON LOW DEMAND

Continuing the dismal run for the fourth straight day, crude palm oil prices fell 1.69% to Rs 429.50 per 10 kg in futures trading today as speculators off-loaded positions because of a fall in demand in the spot market.
Besides, adequate stock position in the physical market following higher supplies from producing belts kept downward pressure on prices.
At MCX crude palm oil for delivery in May plummeted Rs 7.40, or 1.69%, to Rs 429.50 per 10 kg in business turnover of 665 lots.
Similarly, the oil for delivery in April contracts moved down Rs 6.30, or 1.45%, to Rs 428.90 per 10 kg in 681 lots.
The country managed to export 439,720 tons of palm and palm kernel oils to India, while 98,980 tons to China followed by 157,020 tons to Pakistan and 94,000 tons to Bangladesh. Technically market is under fresh selling as market has witnessed gain in open interest by 0.28% to settled at 3524 while prices down -2.4 rupee, now CPO is getting support at 434.9 and below same could see a test of 432.8 level, and resistance is now likely to be seen at 438.4, a move above could see prices testing 439.8.
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