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CPO on MCX settled down -0.39% at 567.5 on profit booking amid easing demand in the spot market. The tariff value of CPO increase by $16 to $780/tonne for the 2nd half of Dec compared to previous fortnight. This is fourth straight increase but still lower than the September tariff price. In domestic market, the prices are following the international market as country is depending on the imports.
As per SEA data, Palm oil imports fell by 8.27% to 8,01,311 tonnes in November this year, on expected bumper oilseeds crop and better domestic edible oils supply. As per USDA, the imports in 2016/17 will be higher by 14% to 10 mt and consumption too increases by 11% in India. Palm oil output in world No.1 producer Indonesia is expected to grow by around 10% in 2017 as planters devote more land to the crop, although the aftermath of last year’s El Nino weather pattern is likely to drag on yields.
Technically market is under long liquidation as market has witnessed drop in open interest by -13.09% to settled at 3525 while prices down -2.2 rupee, now CPO is getting support at 565.1 and below same could see a test of 562.7 level, And resistance is now likely to be seen at 570.5, a move above could see prices testing 573.5.