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Crude palm Oil on MCX settled down by -1.02% at 565.2 tracking global palm oil prices amid weak demand. Prices of the palm oil were down on subdued demand following weaker Malaysian palm oil export data.
CPO output dropped by 3% to 31.5 million tons in 2016 on yearly basis, Gapki said. China’s imports plunged 24 % to 4.48 million metric tons in 2016, the lowest since 2005, as benchmark futures surged 25 percent after El Nino squeezed supplies in Indonesia and Malaysia. With production set to recover in the two biggest producers in the second half, prices should fall to levels that attracts Chinese buying. The El Nino between 2015 and early 2016 reduced global palm oil output by 6.8 million tons last year.
Technically market is under long liquidation as market has witnessed drop in open interest by -0.55% to settled at 3099 while prices down -5.8 rupees, now CPO is getting support at 561.6 and below same could see a test of 557.9 level, And resistance is now likely to be seen at 570.7, a move above could see prices testing 576.1.