MUMBAI (commoditiescontrol) - India crude palm oil and refined soy oil futures dropped in the early hour of trade on Wednesday amid selling pressure.
U.S soy oil futures today exhibited bearish tone today after closed down 0.43 percent previous session, while Malaysian palm oil futures at mid-day close plunged 0.82 percent.
Strength in Indian currency also weighed on edible oil prices.
Crude palm oil most active January delivery futures on the Multi Commodity Exchange (MCX) was lower 0.36 percent or Rs 2.1 at Rs 579.4/10kg against previous closing of Rs 581.5 Forward February contract was down 0.33 percent at Rs 569 against Rs 570.9 on previous session.
Refined soy oil January contract on NCDEX was down 0.13 percent or Rs 1 at Rs 725.6/10kg against previous closing of Rs 726.6 while forward February contract was trading weak at Rs 713 against previous closing of Rs 713.9.
According to CC analyst, crude Palm Oil (CPO) January contract trend is up with resistance is placed at Rs 585-593 and support is seen at Rs 576-568. Refined soy oil February contract trend is down with support is seen at Rs 710-700 and resistance is placed at 719-729.
(By Commoditiescontrol Bureau; +91-22-40015516)