CPO yesterday settled to 1.51% at 504.4 on a strong ringgit currency against the United States dollar and as higher export demand in stocks. Palm oil futures can offset the loss of 7.7 percent, has made this year, as exports grew last month, signalling further declines of stocks, Malaysian Palm oil Board (MPOB) questions July industry data on 14 August. Harvest forecasts the weather across the Midwest United States friendly fanned expectations of high yields in agriculture, including soybeans, which are tracked by the Malaysia palm oil prices. United States Department of agriculture will release updated production data on 12 August. According to the latest crop estimates by the United States Department of agriculture (USDA) said that prediction 2012/13 palm oil production in Indonesia to 28.5 million tons. Production will increase to 31 million tons in the next marketing year (2013/14). Landing area expansion continues to play a key role in the growth of the Indonesian palm oil production. The current export performance shows that Indonesia can be exported as above 21 million tons of palm oil in MY 2012/2013. Low palm oil prices since the beginning of last year has become an important factor that drove up global palm oil demand. As the market has seen gains in open interest at 3.25% and settled at 5408, although prices of up to 7.5 rupees, now CPO receives support at and below the same 500.6 could see the test, and the resistance level 496.7 now more likely see at 507.1, step above could see prices testing the market is technically under 509.7 fresh purchases.
Trading ideas:
CPO, the trading range for the day-496.5-509.5.
Crude palm oil ended with GAINS on a strong ringgit currency against the United States dollar and as higher export demand in stocks.
Palm oil futures may recoup losses made percent 7.7 this year as exports grew last month, signaling a further decline in stocks
According to the latest crop of United States Department of Agriculture estimates that stated that at present forecast 2012/13 palm oil production in Indonesia to 28.5 million tons.
Crude palm oil prices on the spot market gained 6.80 Rs and settled in 510.60 rupees.
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