Crude palm Oil on MCX settled down by -1.54% at 562.3 on higher stockpiles in the domestic market. Palm oil stock in various ports of the country has risen by 30% as on Feb 06 against last week. 

Palm oil imports fell for the third consecutive month by 11.56 per cent to 608,762 tonnes in January, on account of good domestic oilseeds production and better availability of edible oils, industry body Solvent Extractors Association (SEA) said. India, the world’s leading vegetable oil buyer, had imported 688,393 tonnes palm oil in January 2015. 

Technically market is under fresh selling as market has witnessed gain in open interest by 4.33% to settled at 3180 while prices down -8.8 rupees, now CPO is getting support at 559 and below same could see a test of 555.8 level, And resistance is now likely to be seen at 567.7, a move above could see prices testing 573.2.          

        Trading Ideas   

*CPO trading range for the day is 555.8-573.2. 

*Crude palm oil prices ended with losses on higher stockpiles in the domestic market. 

*Palm oil stock in various ports of the country has risen by 30% as on Feb 06 against last week.  

*Palm oil imports fell for the third consecutive month by 11.56 per cent to 608,762 tonnes in January   Crude palm oil prices in spot market dropped by 4.10 rupees and settled at 572.00 rupees.