CRUDE PALM OIL DOWN BY 0.7% ON EASING SPOT DEMAND

 
Crude palm oil remained weak and prices shed 0.67% to Rs 444.00 per 10 kg in futures trade today as participants indulged in reducing positions, driven by a fall in demand in the spot market.
Also, adequate stocks in the market on higher supplies from producing belts put pressure on crude palm oil prices.
At Multi Commodity Exchange, crude palm oil for delivery in July month declined by Rs 3, or 0.67% to Rs 444.00 per 10 kg in business turnover of 148 lots.
Likewise, the oil for delivery in August contracts traded lower by a similar margin to Rs 444.00 per 10 kg in 9 lots.
Technically market is under short covering as market has witnessed drop in open interest by -4.88% to settled at 4601, now CPO is getting support at 445.6 and below same could see a test of 444.3 level, and resistance is now likely to be seen at 448.1, a move above could see prices testing 449.3.

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