Crude palm Oil on MCX settled down by -1.9% at 479.7 on expectations of rising production for the month of July. Prices remained under pressure on forecasts that July production levels will be higher on-month from 1.51 million tonnes reached in June. Earlier, government has cut the base import price of refined, bleached and deodorised palmolein, crude palmolein, and RBD palm oil by $31 a tn each to $716, $713 and $706, respectively.

Stocks fell 1.9 % to 1.56 mt, while exports for the full month of June dropped 8.4% to 1.38 mt. Technically market is under fresh selling as market has witnessed gain in open interest by 1.09% to settled at 4804 while prices down -9.3 rupees, now CPO is getting support at 475.8 and below same could see a test of 471.9 level, And resistance is now likely to be seen at 485.8, a move above could see prices testing 491.9.

Trading Ideas:

* CPO trading range for the day is 471.9-491.9.

* Crude palm oil ended with losses on expectations of rising production for the month of July.

* Prices remained under pressure on forecasts that July production levels will be higher on-month from 1.51 million tonnes reached in June.

* As per SEA, palm oil import raised 21.6% y-o-y to 7.99 lt in May on higher shipment of crude palm oil (CPO).

* Crude palm oil prices in spot market dropped by 4.10 rupees and settled at 491.00 rupees.

RipplesAdvisory>>For More Commodity Market Tips click here>> https://www.justdial.com/Indore/Ripples-Advisory