MUMBAI (commoditiescontrol) - India crude palm oil and refined soy oil futures was dropped in the early trade on Thursday mainly on strong rupee.
Cues from global market was somewhat positive with positive U.S soy oil market during early Asian trade after 1.15 percent rise on previous session.
Prices were largely supported on reports of Argentine crops under pressure after floods led by heavy rains is affecting sowing areas.
Malaysian palm oil futures closed almost flat as ringgit turned strong after hitting 18-year low on previous session.
Despite positive sentiment from global market, edible oil prices at local bourses were trading down as local currency Rupee was trading 0.13 percent strong and most of the positive trend was factor on previous session.
Crude palm oil most active January delivery futures on the Multi Commodity Exchange (MCX) was down 0.27 percent or Rs 1.5 at Rs 585.3/10kg against previous close of Rs 586.8. Forward February contract was lower 0.29 percent at Rs 573.9 against Rs 575.6 on previous session.
Refined soy oil January contract on NCDEX was down 0.16 percent or Rs 1.2 at Rs 728.7/10kg against previous close of Rs 729.9 while forward February contract edged lower at Rs 718 against Rs 718.8 on Wednesday.
According to CC analyst, crude Palm Oil (CPO) January contract trend is up with resistance is placed at Rs 591-601 and support is seen at Rs 580-570. Refined soy oil February contract trend is up with resistance is seen at Rs 723-732 wihle support is placed at 713-704.
(By Commoditiescontrol Bureau; +91-22-40015516)