CRUDE PALM OIL RISES BY 1.7% DRIVEN BY SPOT DEMAND

Crude palm oil rose Rs 1.70 to Rs 450.50 per 10 kg in futures trade today as speculators enlarged positions on rising spot demand.
Besides, a firming trend in the Asian region also helped.
At MCX crude palm oil for delivery in May rose Rs 1.70, or 0.37%, to Rs 450.50 per 10 kg with a trading volume of 145 lots.
Likewise, the oil for delivery in June rose Re 1, or 0.22%, to Rs 447 per 10 kg, with a business volume of 98 lots.
Technically market is under short covering as market has witnessed drop in open interest by -3.9% to settled at 1973, now CPO is getting support at 444.4 and below same could see a test of 439.9 level, and resistance is now likely to be seen at 451.4, a move above could see prices testing 453.9.
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