Crude palm oil futures steady at Rs 1,140 per 10 kg in evening trade


Crude palm oil futures traded steady at Rs 1,140 per 10 kg on April 9 as participants reduced their position as seen by the open interest. Malaysian palm oil futures slipped 1.47 percent to settle at 3,550 Ringgits on Bursa Malaysia Bhd.

Crude palm oil traded in the negative territory after a negative opening in the evening session.

The agricultural commodity has been trading higher than 5, 20, 50, 100 and 200-days’ moving averages on a daily chart. The Relative Strength Index (RSI) is at 57.15 which indicates positive momentum in the prices.

Palm oil output from Malaysia in March may reach near 14 lakh ton, up by 26 percent month-on-month, Bloomberg reported.

Kshtij Purohit, Product Manager Currency & Commodities, CapitalVia Global Research Limited, said: “MCX CPO April tested the resistance levels of Rs 1,146-1,153 in the morning session. Prices declined more than 40 points from these levels and made a low of Rs 1,101.3, which could be tested again in the coming days.”

In the futures market, Crude Palm Oil (CPO) for April delivery touched an intraday high of Rs 1,152 and an intraday low of Rs 1,101.30 per 10 kg on MCX. So far in the current series, CPO has touched a low of Rs 883.10 and a high of Rs 1,152.

CPO delivery for April slipped Rs 0.60, or 0.05 percent at Rs 1,140 per 10 kg at 20:36 hours IST with a business turnover of 5,733 lots.

CPO delivery for May eased Rs 1.40, or 0.13 percent at Rs 1,102.70 per 10 kg with a business volume of 3,055 lots.

The value of April and May’s contracts traded so far is Rs 312.21 crore and Rs 190.96 crore, respectively.

According to Geojit Financial Services Limited, though profit booking witnessed yesterday, sustaining above Rs 1,145 could see more upside moves targeting Rs 1,160-1,170 levels.

Kotak Securities expects MCX to trade range-bound for today.

As of April 7, MCX CPO April was trading at a discount of Rs 30 from import cost at Kandla Port.

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